Foreign investments in Egypt’s treasury bills (T-bills), one of Egypt’s key debt instruments, recorded close to EGP 350 billion (about $22.5 billion) by the end of May, according to the Central Bank of Egypt (CBE).
New data published by the CBE on Tuesday showed that foreign investments in Egypt’s T-bills has seen a gradual increase since January, when they recorded EGP 298 billion (around $19 billion).
The data also demonstrated that Egypt’s current $40.5 billion of net international reserve (NIR) – recorded by the end of May – covers the country’s commodity imports for the upcoming six to seven months.
The CBE said that Egypt’s NIR in hard currency increased to $13.9 billion by end of April 2021.
The data also showed that the domestic liquidity jumped by 14.2 percent by end of April to reach EGP 5.1 trillion (about $325.5 billion).
The International monetary Fund (IMF) expected Egypt’s real GDP growth to rebound significantly in FY2021/2022 to 5.2 percent, up from the projected 2.8 percent for the current FY2020/2021, according to the International Monetary Fund’s (IMF) Mission Chief for Egypt Celin Allard.
Allard made her comments during a press briefing the IMF held on Monday marking the completion of Egypt’s 12-month $5.4 billion stand-by agreement (SBA) loan.
Egypt maintained its position as the largest recipient of FDI inflows in Africa, albeit with a significant 35 percent reduction in 2020 to $5.9 billion, according to the United Nations Conference on Trade and Development (UNCTAD) updated report on FDI inflows to Africa.
