Egypt Cuts Holding of US Bonds

Egypt's possession of U.S bonds declined marginally in July on a monthly basis.

Treasury data showed that Egypt's holdings of US bonds fell for the first time after rising for six consecutive months to $ 2.145 billion in July, compared with $ 2.151 billion in June.

Egypt's bond holdings fell by 0.7 percent in July 2019, compared to their value in the comparative month of 2018 of $ 2.161 billion, on a year-on-year basis.

The country has raised its holdings of US bonds by 2 percent since the beginning of this year, an increase of $ 43 million, compared to last years estimates at $ 2.102 billion.

The central bank announced that Egypt's foreign exchange reserves rose by $ 565 million at the end of July on a monthly basis to reach $ 44.916 billion, compared to $ 44.351 billion at the end of June.

Japan, China, Brazil, UK, and Ireland are the major foreign holders of US treasury securities.