Egypts holdings of US Treasuries hit $2.244bln in November 2020

Cairo –  Egypt’s holding of US Treasuries rose to $2.244 billion in November 2020, hitting its highest level in two years, compared to $2.176 billion in the same month a year earlier, data by the US Department of the Treasury showed.

From January to November, the country’s holding of US Treasuries grew by $62 million from $2.182 billion at the end of 2019.

Saudi Arabia topped Arab holders of US Treasuries with a value of $137.6 billion, followed by Kuwait and the UAE with $46.1 billion and $36.8 billion, respectively.

Globally, Japan ranked first with a value of $1.26 trillion, followed by China with $1.06 trillion and the UK with $420.3 billion.

At the end of November, Egypt’s net international reserves amounted to $39.222 billion from $39.22 billion in October.

In May, Egypt received a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI) to help mitigate the impact of the coronavirus (COVID-19) pandemic.

In addition, the government reached a staff-level agreement with the IMF for a $5.2 billion standby loan.