A sharp decrease in Egypt’s investment in US bonds

According to the report of the International Economic Group of Fars News Agency, citing Al-Masri Al-Iyoum, Egypt’s investment in US Treasury bonds decreased by 770 million dollars and reached 1.7 billion dollars last April (April 1402), while in March ( March 1401) was 2.47 billion dollars.

Egypt’s investment in short-term U.S. bonds, which account for the largest share of Egyptian investment, stood at $1.6 billion as of the end of April, in addition to about $98 million invested in long-term bonds, U.S. Treasury data showed. .

As one of the tools for managing foreign exchange reserves and in order to achieve returns, Egypt invests in the debt bonds of countries with high credit ratings, but to deal with the currency crises it faces, it resorts to withdrawing reserves.

In February (last February), Egypt sold most of its long-term bonds, which amounted to 1.127 billion dollars at the end of January (December and February), to be limited to 94 million dollars at the end of the month, and in March to It rose to $99 million and fell to $98 in April.

The balance of Egypt’s short-term bonds also decreased from $2.7 billion at the end of January to $2.4 billion at the end of February and March and returned to $1.6 billion at the end of April.

According to the data available on the US Treasury Department website, Egypt’s largest investment in US bonds reached $22.2 billion at the end of February 2020.

Egypt’s external debt at the end of the first quarter of this year was 165.4 billion dollars compared to 162.9 billion dollars at the end of 2022 and 145.5 billion dollars at the end of 2021.

In this regard, the Egyptian authorities have recently emphasized the reduction of dependence on the dollar and the greater use of local currencies and the national currency in trade with African and Asian countries.

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