ICEC

Foreign holdings of Egypt debt jump to $20.3 billion: minister

Foreigners have invested a total of around $20.3 billion in Egyptian debt instruments since the central bank floated the pound currency in November 2016 and up until February this year, finance minister said Saturday.

Appetite for Egypt’s domestic debt has been the highest in its history since the central bank floated the currency in November 2016.

“It’s normal to witness a decline in demand (for domestic debt instruments) amid expectations to have a possible cut in interest rates given the recent fall in inflation.” Amr el-Garhy added on the sidelines of the third annual Arab Fiscal Forum in Dubai.

The forum is organised by the Arab Monetary Fund and the International Monetary Fund, in Dubai, in preparation for the annual World Government Summit, which will take place on Sunday, February 11th.

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