By: Heba El-Kordy
Cairo – Mubasher: The Central Bank of Egypt’s (CBE) net foreign assets declined in August for the second month in a row.
Net foreign assets amounted to EGP 264.03 billion ($14.6 billion) last August, the lowest in seven months, versus EGP 174.8 billion ($9.7 billion) in the same month a year earlier, according to the CBE's data.
Assets fell by 6% last month, compared to EGP 282.2 billion in July, the bank said.
Egypt seeks to issue debt instruments worth EGP 192 billion in October, in addition to EGP 153.5 billion and EGP 153.25 billion in November and December, respectively.
The yield on treasury bills (t-bills) has witnessed a consecutive hike following the emerging markets crisis since the beginning of the second quarter of 2018.
Finance minister Mohamed Maait previously said that Egypt faces obstacles related to the interest-rate hike and the exit of foreign investor from the market, including debt instruments or the Egyptian Exchange (EGX).
