Egypt’s State-Owned Banks Slash T-Bill Holdings 17% in September

Egypt’s state-owned banks cut their holdings of Treasury bills by 17 percent in September, the biggest decline this year, according to central bank data.

The banks reduced their holdings to 89 billion Egyptian pounds ($14.8 billion), from 107 billion pounds in August, data on the central bank’s website show.

State-owned banks increased their purchases of Treasury bills after this year’s popular revolt that toppled President Hosni Mubarak prompted foreign investors to sell Egyptian assets.

Privately owned lenders increased their Treasury-bill holdings in September to 107 billion pounds from 102 billion pounds in August, according to the data.