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Foreign investment in Egyptian securities rises to $19 billion
December 12, 2017
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CAIRO: Foreign investment in Egyptian securities hit $19 billion as of December 6 since the flotation of the pound currency in November 2016, Finance Minister Amr El Garhy said.

Egypt floated the pound as part of a $12 billion International Monetary Fund loan aimed at reviving its economy which has struggled since a 2011 uprising.

The central bank since November 2016 has raised key interest rates by 700 basis points, generating appetite for Egypt’s debt.

Egypt’s foreign reserves rose slightly to $36.723 billion at the end of November from $36.703 billion at the end of October, the central bank said on Monday.

Cairo’s foreign reserves have been climbing since the country secured a $12 billion, three-year International Monetary Fund loan programme last year in a bid to lure back foreign investors and revive its ailing economy.

An IMF team last month completed its second review of Egypt’s performance under the loan programme and the IMF board is expected to approve a third, $2 billion, disbursement of funds this month.

The central bank said earlier that it had paid back $2 billion to the African Export-Import Bank on Monday and would pay an additional $1.2 billion to the lender by the end of December in order to pay back in full a $3.2 billion loan, according to state news agency Mena.

Egypt’s inflation in November fell to a 2017 low a year after the country floated its pound currency†as part of a $12 billion International Monetary Fund deal to boost the economy.

Inflation†has†shot up since the pound’s flotation last November, reaching a record high in July on the back of energy subsidy cuts, but has gradually eased since.

Annual urban consumer price inflation eased to 26 per cent in November from 30.8 per cent the previous month, official data showed on Sunday.

Core inflation, which strips out volatile items such as food, fell to 25.53 per cent from 30.53 per cent.

The central bank has raised key interest rates by 700 basis points since the pound float, but economists see it cutting them in its monetary policy meeting later this month amid a continuing easing of post-float inflationary pressure.

Inflation

Egypt’s finance minister said on Sunday that he expected inflation to reach 20 per cent by January and 13-14 per cent by August.

Egypt’s inflation rate is expected to drop to 20 per cent in January and to 13-14 per cent by August, Finance Minister Amr El Garhy said on Sunday.

Egypt’s annual urban consumer price inflation fell to 26 per cent in November from 30.8 per cent in October, the official statistics agency Campus said on Sunday.

Inflation has soared since the country floated the pound currency in November last year, slashing its value by half.

Egypt has paid back a total of $4 billion of its debts to the African Export-Import Bank, the central bank was reported as saying on Tuesday.

The central bank had paid back $2 billion of a $3.2 billion loan, Egyptian state news agency Mena reported, while newspaper El-Borsa said that it had also paid back $2 billion under a repurchase agreement.

African Export-Import Bank Executive Vice President Amr Kamel told reporters on the sidelines of a conference that the central bank would repay the remaining $1.2 billion on Dec. 7.

Egypt’s foreign reserves were $36.723 billion at the end of November, having climbed steadily since it secured a $12 billion, three-year International Monetary Fund (IMF) loan programme last year as it tries to lure back foreign investors and revive its ailing economy. An IMF team completed its second review of Egypt’s performance under the programme last month and†its†board is expected to approve a third, $2 billion, disbursement this month.

Reuters

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