CAIRO - 6 March 2019: Foreign investments in Egyptian treasuries recorded $15.8 billion during February 2019 as a result of the development of the Egyptian economy, Egypt's Minister of Finance Mohamed Ma’it stated on Wednesday, March 6.
Ma’it elaborated that this increased figure also came due to the investors and financial institutions' trust in the Egyptian market and the continuous progress represented in the improvement of all financial indicators.
Furthermore,he referred to legislation recently adopted by Egypt, noting that they increased the trust of investors in the economy.
The minister added that the confidence of foreigners in the Egyptian debt instruments was the result of a clear improvement in the performance of public finances in Egypt, which contributed to the achievement of the first surplus in the general budget for 2018/2019 with the expectation of international institutions to maintain Egypt's primary surpluses in the coming years.
The Central Bank of Egypt's (CBE) recent bulletin revealed that net foreign investments in government debt instruments jumped 21.6 percent in January, recording LE 233.8 billion, compared to LE 192.2 billion in December.
In February, Finance Minister Ma’it and Vice Minister of Finance Ahmed Kojak announced during a press conference that foreign investments in Egyptian treasuries stood at $13.1 billion by end-January.
Ma’it then clarified that the inflows during January recorded $900 million.
The bulletin revealed that treasury bills' outstanding balances hit LE 1.37 trillion in January, compared to LE 1.30 trillion in December.