{"id":640048,"date":"2024-08-19T00:00:00","date_gmt":"2024-08-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/19\/foreign-investments-in-egypts-t-bills-were-up-in-may\/"},"modified":"2024-08-19T00:00:00","modified_gmt":"2024-08-19T00:00:00","slug":"foreign-investments-in-egypts-t-bills-were-up-in-may","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/19\/foreign-investments-in-egypts-t-bills-were-up-in-may\/","title":{"rendered":"Foreign investments in Egypt\u2019s t-bills were up in May"},"content":{"rendered":"

Good afternoon, ladies and gentlemen, and happy Monday. <\/strong>The news slowdown is dragging on as we approach the final weeks of the summer. <\/p>\n

THE BIG STORY TODAY- <\/p>\n

Foreign investments in local debt rise in May: <\/strong>Foreign investments in Egypt\u2019s t-bills sat at USD 37.5 bn (EGP 1.8 tn) by the end of May, up from USD 35.2 bn (EGP 1.7 tn) in April<\/a>, according to the central bank\u2019s monthly statistical bulletin (pdf)<\/a>.<\/p>\n

Remember: <\/strong>Investors have been loving Egypt\u2019s short-term debt instruments post-float, with their confidence affirmed after the likes of JPMorgan and Citigroup recommended buying one-year EGP t-bills.<\/p>\n

We\u2019re not sure if the trend will persist: <\/strong>Earlier this month, foreign investors sold some USD<\/a>600 mn<\/a> worth of local debt instruments \u2014 7-8% of total foreign investment in the market, according to Prime Minister Moustafa Madbouly \u2014 amid a global sell-off<\/a> that wiped USD 6.4 tn from global stock markets.<\/p>\n

<\/a> <\/p>\n

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THE BIG STORY ABROAD<\/p>\n

It\u2019s also shaping up to be a slow Monday in the international press<\/strong>, with no one story dominating the headlines. The one story worth noting follows the latest rounds to secure a ceasefire in Gaza \u2014 US Secretary of State Antony Blinken stated<\/a> that the latest ceasefire proposal was likely to be the best and final chance Israel and Hamas have to secure a ceasefire agreement. His remarks came following meetings with Israeli President Isaac Herzog and Prime Minister Benjamin Netanyahu that took place in Tel Aviv earlier today. <\/p>\n

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