Serrari Group

Egypt Resumes Local Currency Bond Auctions Following Devaluation

Cairo, Egypt: Egypt’s financial sector witnessed a pivotal development today as the country resumed its local currency treasury bond auctions after a four-month hiatus. The Central Bank of Egypt, aiming to gauge market response, offered 2.5 billion Egyptian pounds ($51 million) in three-year bonds and 250 million pounds in five-year bonds.

Last week’s devaluation of the Egyptian pound, coupled with securing an $8 billion financial package from the International Monetary Fund, reignited investor confidence. Amidst this backdrop, local investors and banks had gravitated towards short-term treasury bills, while the Ministry of Finance refrained from committing to longer-term instruments amidst the prevailing uncertainty.

To address the shifting market dynamics, the Central Bank enacted measures, including an 800 basis points increase in overnight interest rates over the past two months.

Foreign investors have also displayed renewed interest, actively participating in today’s auction following a period of dormancy. Their return to purchasing treasury bills last week underscores growing optimism regarding Egypt’s economic trajectory.

The resumption of local currency bond auctions underscores Egypt’s resilience in navigating economic challenges and signals a renewed drive to attract investment for sustained growth.

photo source: Google

By: Montel Kamau

Serrari Financial Analyst

12th March, 2024

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