By: Islam Fadl

Cairo – Mubasher: Foreign holdings of Egyptian debt instruments reached $5 billion from January to the end of May, board member of the Central Bank of Egypt (CBE) Fakhry El Fekki told Mubasher.

At the end of May, total foreign holdings of Egypt debt instruments recorded $17 billion, the top official added.

Foreign holdings of Egypt government treasury bills and bonds are expected to increase in value in November, registering $20 billion, El Fekki noted.

El Fekki ascribed his expectation to the positive outlook of the International Monetary Fund (IMF) and global rating agencies about the economic reform programme executed by the Egyptian government.

Translated by: Muhammad Abdul-Wakeel