Egypt’s High Foreign Debt Not Worrisome, Danger In Local Borrowing: Ramez

The Governor of the Central Bank of Egypt (CBE) Hisham Ramez affirmed that the increase in the value of Egypt’s foreign debt to US$ 38.3 billion as of the end of last December does not pose extra dangers on the country as it accounts for 15% only of GDP.

He noted that the real crisis is in the country’s local debt as interest rates on treasury bills exceeded 14%, bringing the value of local debt to EGP 1.3 trillion which thereby places heavy burdens on the country.

During an in interview with Hona Al Assema TV show host, he expected interest rates on treasury bills to retreat after stability returns to Egypt.

The world still considers Egypt as one of the main countries which has many investments opportunities and growth capabilities especially because it is close to overcome the current crisis, he affirmed.