|19 August, 2019

Foreign holdings of Egypt’s debt instruments hit $20.1bln in July

Egypt's debt instruments are considered attractive to foreign investors

A customer counts his U.S. dollar money in a bank in Cairo, Egypt March 10, 2016.

A customer counts his U.S. dollar money in a bank in Cairo, Egypt March 10, 2016.

REUTERS/Amr Abdallah Dalsh

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

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.