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Egypt’s holdings of US Treasuries rise to two-year high in October

Egypt’s holdings of US Treasuries rise to two-year high in October
Saudi Arabia topped Arab holders of US Treasuries

By: Heba El-Kordy

Cairo – Mubasher: Egypt’s holding of US Treasuries continued its upward trend, rising to $2.244 billion in October, its highest level in two years, compared to $2.171 billion in the corresponding month a year earlier.   

Month-on-month (MoM), the North African nation’s holding of US Treasuries grew by $1 million from $2.243 billion in September, data by the US Department of the Treasury showed.

Saudi Arabia topped Arab holders of US Treasuries with a value of $134.2 billion, followed by Kuwait.

Globally, Japan ranked first with a value of $1.27 trillion, followed by China with $1.05 trillion and the UK with $442.8 billion.

At the end of October, Egypt’s net international reserves increased to $39.22 billion from $38.425 billion a month earlier.

In May, Egypt received a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI) to help mitigate the impact of the coronavirus (COVID-19) pandemic. In addition, the government reached a staff-level agreement with the IMF for a $5.2 billion standby loan.