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Saturday, 14 December 2019

Foreign holdings in Egyptian treasuries stands at $19.2 bln: Finance ministry official

Doaa A. Moneim, Friday 19 Jul 2019
Central Bank of Egypt
File photo: Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016 (Reuters)
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Foreign holdings in Egyptian treasuries stood at $19.2 billion till mid-June, Deputy Finance Minister Ahmed Kouchouk announced on Thursday.

Foreign interest in Egyptian securities has been recovering since the start of 2019 after weak performance in 2018.

Central Bank of Egypt (CBE) data shows that foreign holdings dropped by almost half to $11.5 billion in December, down from $21.2 billion in January.

Foreign holdings of Egyptian treasuries stood at $23.1 billion at the end of March 2018 and $17.5 billion at the close of FY 2018/19.

They had fallen to $14 billion by the end of September after a turbulent summer for emerging markets.

Meanwhile, the CBE, on behalf of the Ministry of Finance, is set to issue EGP 19 billion in treasury bills on Thursday in two installments. The first installment is valued at EGP 9.5 billion with a 182-day term and the second is worth EGP 9.5 billion with a 364-day term.

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