Egypt’s Q1 domestic public debt hit 83.3% of GDP

June 5, 2014 2:58 am

According to Egypt’s central bank, the country’s domestic public debt during the first quarter rose by some EGP56bn to EGP1.7trn at the end of March, from EGP1.65trn at the end of December 2013, Daily News Egypt has reported. Preliminary indicators for the size of domestic public debt show it has reached 83.3% of GDP, compared with 80.6% in December last year, the apex lender said. The rise was attributed to the increased use of loans, deposits and facilities, as the balance of debt rose by around $437.9m, as a result of higher exchange rates for most currencies being borrowed against the US dollar, it said.