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Egypt’s holding of US Treasuries hits $2.238bn in August

Egypt’s holding of US Treasuries hits $2.238bn in August
Saudi Arabia topped Arab holders of US Treasuries

Cairo – Mubasher: Egypt’s holding of US Treasuries increased to $2.238 billion in August, compared to $2.164 billion in the same month a year earlier, data by the US Department of the Treasury showed.

Month-on-month (MoM), the North African nation’s holding of US Treasuries stabilised at the same level as in July, marking its highest level since October 2018.

Saudi Arabia topped Arab holders of US Treasuries with a value of $130 billion, followed by Kuwait with $46.4 billion and the UAE with $36.6 billion.

Globally, Japan ranked first with a value of $1.278 trillion, followed by China with $1.068 trillion.

In May, Egypt received a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI).

In addition, the government also reached a staff-level agreement with the IMF on a $5.2 billion standby loan.

At the end of September, Egypt’s net international reserves increased by $59 million MoM to $38.425 billion.