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Tuesday, 1 September 2020

Foreign holdings of Egyptian t-bills rebound in June after fourth straight month of decline

Foreign holdings of Egyptian t-bills rebounded in June following four straight months of decline, according to CBE data (pdf) released yesterday. Holdings rose to USD 7.71 bn during the month, up from USD 7 bn in May. Total holdings of Egyptian bonds (including short-term t-bills and long-term t-bonds) rose to USD 10.6 bn during the month, Bloomberg reported in July. Egypt witnessed massive capital outflows earlier this year amid a global financial panic caused by the covid-19, which saw t-bill holdings fall 64% from c. USD 19.5 bn in February.

The trend continued into July: Foreign holdings in sovereign debt climbed rapidly in July, rising to USD 14 bn, Bloomberg reported last month.

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