By: Heba El-Kordy
Cairo – Mubasher: Total foreign holdings of Egypt’s treasury bills (T-bills) declined for the seventh month in a row, losing around EGP 24.3 billion ($1.3 billion) on the back of the emerging markets crisis.
Overseas investments in Egyptian T-bills dropped to EGP 210.2 billion ($11.7 billion) last month, versus EGP 234.5 billion ($13.1 billion) in September, data by the Central Bank of Egypt (CBE) showed.
Foreign holdings of T-bills fell to $13.1 billion at the end of September, from $21.1 billion in March.
Egypt targets an average interest rate of 14.7% on debt instruments in fiscal year 2018/2019 budget, compared to an estimated rate of 18.5% in the previous year.
The Ministry of Finance (MOF) previously stated it aims to finance the general budget deficit of EGP 511.2 billion in FY 18/19.
Translated by: Mai Ezz El-Din
