Egypt’s central bank extends its dollar-dominated bonds repurchase by 1.5 yrs

Egypt’s central bank agreed on Monday to extend the term of its dollar-dominated bonds repurchase by 1.5 years from original 4.5-year-term. This increases the overall maturity of these bonds to six years.

The extension was unanimously supported by the current consortium of banks, the central bank said in a statement.

It reflects the continued strong affirmation and vote of confidence by the international market in the continued success of Egypt’s homegrown economic reform programme, it added.

The central bank explained that the decision came after it had received a number of proposals that called for such extension.

The move comes despite the challenges of the coronavirus pandemic and the growing risk that the global economy is facing, the statement read.

The term of a repurchase transaction originally commenced as of October 10, 2018 with a consortium of international banks.