Foreign investments in Egypt debt grow 47% in May

Big 5

Foreign investments in Egypt’s domestic debt instruments rose 47 percent in a month, according to the monthly report of the Central Bank of Egypt (CBE) on Monday.

Egypt attracted around 136.157 billion Egyptian pounds ($7.6 billion) in foreign investment in domestic treasury bills at the end of May, from 92.624 billion pounds at end of April.

Appetite for Egypt’s domestic debt and equities has increased since authorities removed most currency restrictions and raised interest rates in November to end a dollar-shortage and secure a $12 billion International Monetary Fund loan.

Foreign investments, especially hot money invested in treasury bills, fled from Egypt when the revolution began. These investments continued shrinking gradually until they faded away completely a year after the uprising.