Foreign investment in Egyptian treasuries doubles in January
Foreign investment in Egyptian treasuries doubled to USD500mn in January from December, helping reduce yields by c1% last week, Deputy Finance Minister, Ahmed Kouchouk, said on Tuesday. Anecdotal evidence point to some investors opting to go outside of the repatriation mechanism; thereby, providing liquidity to the system. The EGP has appreciated c2.5% in the past week, with the dollar trading at cEGP18.35 on 7 February compared to cEGP18.82 on 31 January. (Reuters, Mohamed Abu Basha)
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