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Thursday, 16 July 2020

Foreign holdings of Egyptian gov’t debt sees smallest monthly dip in May

Foreign portfolio investment in May sees smallest monthly dip since the start of the pandemic: Foreign holdings of Egyptian sovereign debt stood at USD 7 bn by the end of last May, falling only slightly from USD 7.4 mn in April, Central Bank of Egypt data (pdf) showed. This m-o-m decrease was the smallest in the past three months. Foreigners sold USD 10.4 bn of their holdings in March, and USD 2.4 bn in April, as investors dumped bns of EM assets in a global risk off at the onset of the pandemic.

Inflows start to pick up in June, July: A banking source said this week that portfolio inflows totaled around USD 3 bn in June. Foreign investment has further accelerated this month, with last Thursday alone seeing some USD 592 mn in new portfolio investment — the largest amount in a single day since the outbreak of the covid-19 pandemic in March. Sunday saw some USD 367 mn in new portfolio inflows, according to the source.

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