CBE sells EUR 610 mn in EUR-denominated treasury bill auction

The central bank sold EUR 610 mn-worth of EUR-denominated treasury bills at an auction yesterday, according to a statement picked up by Reuters. The one-year bills will mature on 20 August 2019. “Appetite for Egypt’s domestic debt has grown since the central bank floated the [EGP] in November 2016,” the newswire notes. Foreign holdings in Egyptian treasuries had dropped to USD 17.5 bn at end-FY2017-18 from USD 23.1 bn in March, largely due to the wider EM sell off, which was triggered by rising US interest rates, strengthening USD, and an impending trade war between the US and China.