Advertisement
|11 October, 2018

Foreign holdings of Egyptian treasuries stood at $14bln at end-Sept - news website

Holdings stood at $17.5bln at the end of June

An employee counts Egyptian pounds in a foreign exchange office in central Cairo, Egypt, November 3, 2016. Image used for illustrative purpose.

An employee counts Egyptian pounds in a foreign exchange office in central Cairo, Egypt, November 3, 2016. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany

CAIRO - Foreign holdings of Egyptian treasuries stood at $14 billion at the end of September, Deputy Finance Minister Ahmed Kouchouk was cited as saying on Thursday, a decline of nearly 20 percent from the end of June, according to Reuters calculations.

Holdings stood at $17.5 billion at the end of June. Appetite for emerging market debt had already weakened when it declined further following currency crises in Turkey and Argentina in August. These triggered an exodus of foreign investors from Egypt who must also be repaid.

Kouchouk's remarks were published in the online newsletter Enterprise.

Advertisement

The government cancelled four consecutive local currency T-bond auctions last month after bankers and investors demanded high yields on the debt.

Egypt on Sunday launched a pan-Asian roadshow to promote its international bonds in South Korea, part of a bid to bring down rising yields on its debt. 

(Reporting by Ehab Farouk Writing by Amina Ismail Editing by Raissa Kasolowsky) ((amina.ismail@thomsonreuters.com; +20 2 2394 8114;))