Foreign holdings in gov’t treasuries hit LE19.2B by mid-June

CAIRO – 17 July 2019: Net foreign holdings in government debt instruments recorded $19.2 billion by mid-June 2019, Vice Minister of Finance Ahmed Kojak told Reuters.

The Central Bank of Egypt (CBE) announced in bulletin Wednesday that foreign holdings in Egyptian treasuries increased to $16.6 billion at the end of May, compared to $16 billion at the end of April.

In February, Finance Minister Mohamed Ma’it and Vice Minister of Finance Ahmed Kojak announced during a press conference that foreign investments in Egyptian treasuries stood at $13.1 billion by end-January.

Ma’it then clarified that the inflows during January recorded of $900 million.

The bulletin revealed that treasury bills' outstanding balances hit LE 1.37 trillion in January, compared to LE 1.30 trillion in December.

For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.