Foreign investments in treasury bills hiked to EGP 7.8bn during November, compared to EGP 989m during October 2016.
The great hike came after the Central Bank of Egypt (CBE) announced the flotation of the Egyptian pound during November, raised the yield by 300 basis points.
Moreover, the CBE’s monthly letter showed that private banks’ investments in treasury bills increased by EGP 10.90bn during November, which recorded a total amount of EGP 227bn compared to EGP 216.1bn a month before.
However, the Middle East news agency reported that Naglaa El-Wakeel, the CBE governor’s assistant, said that the total amount of foreign investments in treasury bills recorded EGP 10.2bn by the end of December 2016, compared to EGP 226m by January 2016.
She added that the high demand for the bills shows that the rate of investing in Egyptian bills is recovering and returning to the rate before the 25 January Revolution, adding that investments before 2011 recorded $11bn.