Central Bank of Egypt’s headquarters is seen in downtown Cairo, Egypt, June 7, 2017. REUTERS/Mohamed Abd El Ghany
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Foreign holdings of Egyptian Treasury bills fell for the first time since the country floated the pound a year ago as maturing notes exceeded new purchases, suggesting demand for high-yielding Egyptian debt has peaked. Overseas investors held 330.9 billion pounds ($18.8 billion) worth of T-bills as of Nov. 7 versus 333.6 billion pounds a week earlier, Samy Khallaf, head of the Finance Ministry's public debt division, said by phone. The central bank responded by raising interest rates 700 points, pushing T-bill yields over 22 percent.S&P currently rates Egypt B-, six levels below investment grade.
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