Foreign holdings of Egyptian t-bills continue rising in July

Foreign holdings of Egyptian t-bills continued to rebound for the second consecutive month in July, rising to USD 10.8 bn from USD 7.7 bn in June, according to CBE data (pdf). The uptick signals continued confidence among foreign investors following a tumultuous few months earlier this year. Net inflows rose for the first time since February in June, a period which saw holdings fall 64% from USD 19.5 bn in February as investors panicked during the coronavirus-inspired market meltdown in March. Foreign holdings in all sovereign debt, including t-bills, had reached some USD 14 bn in July.