The Central Bank of Egypt (CBE) said that foreign investments in Egyptian treasury bills (T-Bills) recorded EGP 276.4bn at the end of May 2019, compared to EGP 265.6bn at the end of April 2019, an increase of EGP 10.8bn.
Foreign investment in T-bills strongly recovered after the exchange rate float on 3 November 2016, and the subsequent sharp rise in interest rates on the pound.
Foreign investment in T-Bills reached about $11bn before 25 January 2011, but fell to less than $25m as of 2016.
Fakhry Al-Faqi, member of the board of directors of the CBE, said that the volume of foreign investments in government debt instruments during the period from January to May 2019 amounted to about $5bn, to reach more than $17bn.
The CBE’s figures showed that total outstanding balance of financial institutions’ investments in T-Bills recorded EGP 1.394tn at the end of May, compared to EGP 1.362tn at the end of April 2019, an increase of EGP 32bn.