Foreigners bought $250 million in Egyptian treasury bills

Cairo: Foreign investors bought more than $250 million in Egyptian Treasury Bills and equities on Sunday, a further sign of growing confidence since Egypt secured a $12 billion loan from the International Monetary Fund (IMF).
"In the past few weeks, we’ve been seeing persistent and growing inflows across equities and fixed income,” Rami Aboul Naga, assistant sub-governor at the bank, said on Monday.
Foreign investors have been slowly returning to Egyptian assets since the pound was floated as part of efforts to end a crippling foreign-currency shortage and secure IMF assistance. Foreign holdings of T-bills grew to 10.2 billion pounds ($552 million) in December, up from 989 million pounds in October. Remittances from expat workers also grew by 12 per cent in the fourth quarter to $4.6 billion, the central bank said in a statement on Monday.
The pound has lost more than half of its value since the November float, trading at about 18.4 to the dollar on Monday. Egypt’s benchmark EGX30 index for stocks has surged by 51 per cent in local currency terms in the period.