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Egypt sees foreign buyers in July's T-bills auction for 1st time since 2011

Central bank governor Hisham Ramez says foreign purchases of T-bills show Egypt is beginning to recover after years of turmoil

Ahram Online, Tuesday 12 Aug 2014
Egypt's Central Bank Governor Hisham Ramez speaks during the opening session of the "Egypt/GCC Investment Forum - Strategic Partnerships, Economic Synergies" in Cairo December 4, 2013 (Photo: Reuters)
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Views: 1204

Egypt saw foreign bidders in one of the Central Bank's treasury bill auctions in July for first time in years, the Cabinet stated on Monday.

"Foreigners bought T-bills through the auction and this is a very positive indicator on Egyptian economy's recovery, proving that the latest governmental decisions have put the country on the right path," Hisham Ramez, the CBE's governor said in the statement.

According to the finance ministry's data, foreign bidders bought in July some $40 million (LE284 million) worth of T-bills.

Foreigners had been keen buyers of T-bills, attracted by Egypt's reputation for political stability and encouraged by sturdy growth that was running at about 6 percent a year before unrest hit key revenue earners such as the tourism industry.

The Egyptian government introduced the T-bill auctions as a tool to borrow from banks in an attempt to trim the budget deficit with 3-month, 6-month, 9-month and one-year maturities.

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