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Foreign investors return to Egyptian T-bill auction after devaluation, bankers say

Foreign investors return to Egyptian T-bill auction after devaluation, bankers say

FORIEGN investors have resumed purchases of Egyptian treasury bills after a long absence, three bankers said, as results posted by the central bank showed local currency one-year bills nearly three times oversubscribed at an auction on Thursday. The central bank results showed one-year T-bills worth 87.8 billion Egyptian pounds ($1.78 bln) had been sold at an average yield of 32.303%, a day after the bank raised interest rates by 6% and let the pound depreciate sharply against the dollar. Egypt received total bids worth 254.0 bln Egyptian pounds ($5.15 bln) for the one-year T-bill auction, the results showed. In a…
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For struggling Egyptians, devaluation promises price pain

For struggling Egyptians, devaluation promises price pain

EGYPT'S move to devalue the pound was met with frustration online and on the streets, with Egyptians complaining about everything from the cost of diapers to the price of chicken after years of struggling with low wages to afford them. President Abdel Fattah al-Sisi let the Egyptian pound plunge in value in a bid to restore economic stability to the most populous Arab state with the help of billions of dollars of Gulf investment inflows. However, some Egyptians wonder whether such high-profile moves will provide relief for them after years of hardships. "This will magnify the suffering of citizens," said Eman Hussein,…
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