Indicative of a return of foreign investment in Egypt’s debt instruments, sales of Egyptian 182-day treasury bills jumped to 51.85 billion Egyptian pounds ($1.75 billion) on Thursday from 2.64 billion pounds last week.
Investors returned again a day after the last sharp decline of the pound against the dollar.
Last Wednesday, the Central Bank allowed the pound in banks to fall against the dollar, reaching an all-time high in volatile operations. This comes at a time when the black market is suffering big losses and demand from importers and importing companies is declining after the government and the Central Bank have taken intensive measures to provide dollars to importers through the official market.
Data published by Al Arabiya.net showed the Egyptian pound rising against the dollar to a record 29.6 pounds in trading yesterday, Thursday, after exceeding 32 pounds on Wednesday.
Egypt’s Central Bank said yesterday that sales of 364-day Treasury bills jumped to 30.40 billion pounds from 3.75 billion pounds last week.
The bank added that the average yield on 182-day notes rose to 21.032% from 20.595%, while the average yield on 364-day notes rose to 21.520% from 20.886%.
