Egypt expects foreign investment in treasuries to reach $10-11 bln in one year

Sunday 15-01-2017 02:10 PM

The Central Bank of Egypt devalues the pound against the US dollar on Mar. 14, 2016

CAIRO, Jan 15 (Aswat Masriya) - Egypt's Finance Minister Amr El Garhy said in a press conference on Sunday that he expects foreign investment in treasury instruments to reach about $10-$11 billion in one year.

Deputy finance minister Ahmed Kojak had revealed that investments in Egyptian treasury bills and bonds increased by more than $1 billion since the floatation of the currency in November.

Foreign investment in Egyptian treasury bills, a key source of foreign currency, had shrunk following the 2011 Uprising.

Egypt is hoping that the decision to abandon currency controls in November would encourage foreign investors to return to buying Egyptian treasury bills.

Garhy also revealed on Sunday that Egypt is targeting a Eurobond issuance of $2 billion to $2.5 billion when it begins its international roadshow this week.

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