Egypt to issue Dollar bonds at low yield
Angus Blair, chief operating officer at Pharos Holding, discusses Egypt’s bond program and their monetary policy.
Egypt is issuing an aggressive bond issuance program which bodes well for investors as it promises high yields and returns but, it it sustainable for Egypt’s monetary policy?
Blair argues that tapping international markets with bonds at low interest rates will relieve local debt as it suffers from high interest payments, and will help a budget deficit that has reached almost 10.5 per cent of GDP.
A successful issuance will support a record year for foreign reserves in Egypt reaching $36.5bn, adding to financial stability.