Foreigners Buy $500 Million Egyptian Debt in One Day

Foreign investors, who bought $500 million worth of debt just on Sunday, are driving down the yield on Egyptian Treasury bills. Yields had soared to among the highest in the world after the central bank raised its key interest rate by 400 basis points since May to tackle record inflation. Foreign investors want Egyptian debt even at lower yields, especially before an anticipated appreciation in the pound makes the securities too expensive, according to Reham El Desoki, senior economist at regional investment bank Arqaam Capital.

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