Apr 14 2012
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Dollar certificates available
The certificates are not yet available in Saudi Arabia because the terms of issue are still being negotiated. The government is hoping to bring in some $1 billion from the first phase of offerings. The certificates are one of the methods the government is using to attract much-needed hard currency. Egypt's foreign reserves fell to $15.1 billion in March, $20 billion less than in January 2011.
The measure involving deposits certificates is part of a series of actions the government is taking to secure some $11 billion in external financing. It is also hoping to capitalise on Egyptian expatriates, and attracting an additional $2.5 billion by inviting them to purchase land plots. The overall target is to raise $15 billion over the next four years. It is initially offering 8,000 plots in the cities of Sheikh Zayed and Badr, near Cairo.
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