After the devaluation of the Egyptian pound, foreign investment has returned in debt instruments in Egypt?

In an indication of the return of foreign investment in debt instruments in Egypt, sales of 182-day Egyptian treasury bills jumped to 51.85 billion Egyptian pounds ($1.75 billion) on Thursday, from 2.64 billion pounds last week.

Investors are back again a day after the pound’s last sharp drop against the dollar.

On Wednesday, the Central Bank allowed the pound to fall in the banks against the dollar, reaching an all-time high in volatile transactions. This happens in one moment in which the black market is facing heavy losses, with demand appeased by importers and importing companies, after the government and central bank moved hard to supply dollars to importers through the official market.

The data, seen by Al Arabiya.netshowed the Egyptian pound rising against the dollar to hit £29.6 yesterday, Thursday after surpassing £32 on Wednesday.

Yesterday, the Central Bank of Egypt said sales of 364-day treasury bonds jumped to £30.40 billion from £3.75 billion last week.

The bank added that its 182-day average yield rose to 21.032% from 20.595%, while its 364-day average yield rose to 21.520% from 20.886%.

Read More About: Business News