By: Heba El-Kordy

Cairo – Mubasher: Egypt’s holdings of US Treasuries grew for the sixth month in a row, rising by $116 million or 5.5% year-on-year in March.

The most populous Arab nation’s holdings of US debt instruments amounted to $2.236 billion in March, hitting its highest level since October 2018, compared to $2.120 billion in the corresponding month in 2019, data by the US Department of the Treasury showed.

Month-on-month, Egypt’s holdings of US bonds increased by 1.3% from $2.207 billion in February.

It is worth noting that at the end of March, the country’s net international reserves fell to $40.108 billion from $45.510 billion a month earlier.

Globally, Japan ranked first in terms of holdings of US Treasuries with $1.272 trillion in March, compared to $1.268 trillion in February.

In the GCC region, Saudi Arabia was the largest holder of US Treasuries with $159.1 billion in March.