By: Heba El-Kordy

Cairo – Mubasher: Egypt’s holdings of US Treasuries saw a slight drop month-on-month during September in tandem with the global trend to cut investments in US debt instruments.

The North African nation’s holdings of US Treasuries went down to $2.162 billion in the ninth month of 2019, compared to $2.164 billion a month earlier, data by the US Department of the Treasury showed.

Year-on-year, Egypt’s holdings of US bonds retreated 12% from $2.450 billion in September 2018.

Over the January-September period, the most populous Arab nation’s holdings of US treasuries increased by $60 million, or 2.8%, from $2.102 billion at the end of 2018.

At the end of October, The US Federal Reserve lowered interest rates by 0.25%, delivering the third rate cut in 2019.  

Globally, Japan’s holdings of US Treasuries dropped to $1.145 trillion at the end of September, compared to $1.174 trillion a month earlier, while China’s holdings of US Treasuries fell to $1.102 trillion in September from $1.103 trillion in August.

It is noteworthy that at the end of October, Egypt’s net international reserves increased to $45.246 billion from $45.117 billion a month earlier.