February 7, 2017 / 4:11 PM / a year ago

Foreign investment in Egyptian treasuries doubles in January

CAIRO, Feb 7 (Reuters) - Foreign investment in Egyptian treasuries doubled to $500 million in January from December, helping to reduce yields by about 1 percent last week, the country’s deputy finance minister said on Tuesday.

The central bank’s decision in November to abandon a peg of 8.8 Egyptian pounds per dollar and freely float the currency, which has since halved in value, has helped to revive foreign demand but it is still far from pre-2011 levels. (Reporting by Abdel Rahman Adel; writng by Amina Ismail)

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