Foreign investments in T-bills record $7.016B in May

CAIRO – 16 July 2020: Foreign investments in treasury bills (T-bills) declined to $7.016 billion at the end of May 2020, compared to $7.4 billion at the end of April 2020, according to the Central Bank of Egypt (CBE).

CBE clarified that foreign investments in T-bills have decreased by the end of May 2020, at the lowest rate since the beginning of the coronavirus crisis (the lowest pace in 3 months).

“Foreign investors sold up to $ 10.4 billion of their holdings of domestic bills in March, and $ 2.4 billion in April, amid the sharp selling wave in emerging markets against the backdrop of the "Covid-19" crisis,” CBE noted.

On July 6,  an official source told MENA that international investment funds and institutions pumped $440 million worth of investments into the Egyptian market.

Foreign investors made a strong comeback in light of the growing confidence in the Egyptian economy and the fiscal polices adopted by the Central Bank of Egypt (CBE), especially after striking a new deal with the International Monetary Fund (IMF), the source added.