Cairo – Foreign holdings of Egyptian debt instruments stood at $20.1 billion at the end of July, board member of the Central Bank of Egypt (CBE) Fakhry El Fekki said.
From January to the end of July, foreign holdings of the country’s debt instruments registered $7 billion, El Fekki told Mubasher on Monday.
It is noteworthy that foreign holdings of the North African nation’s debt instruments hit $17 billion at the end of May and $19.2 billion in mid-June.
The most populous Arab nation’s debt instruments are considered attractive to foreign investors owing to their high yield.
Egypt’s public debt to gross domestic product (GDP) ratio declined to 90.5% at the end of June from 98% a year earlier.
The Egyptian government aims to further cut debt to GDP ratio to 82.5% at the end of June 2020 and 77.5% by the end of June 2022.
Translated by: Zeinab Adel
Source: Mubasher Exclusive
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