Egypt to launch $9bn debt instruments in August

August 4, 2014 9:33 am

Egypt’s Finance Ministry plans to launch debt instruments totalling 64.5bn Egyptian pounds (around $9bn) within this August, according to Zawya. In July 2014, Egypt has offered governmental debt instruments worth 79.5bn Egyptian pounds (around $11.13bn). According to a key official at Finance Ministry, the state debt plans for the current quarter include borrowing 224.5bn Egyptian pounds ($31.44bn) to plug the state budget deficit. Egypt’s budget deficit is expected to reach EGP 240 billion ($33.61bn). Yields on treasury bills and bonds are also expected to rise over the coming period due to the decision of the Central Bank of Egypt (CBE) to raise the lending and deposit interest rates.