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Central Bank: Egypt's external debt reaches $35 bn
AHMED YACOUB ANAS HABIB Published in Youm7 on 08 - 09 - 2011

Egypt's external debt increased U.S. $2.57 billion (15.3 billion EGP) to a total of U.S. $34.84 (207.54 billion EGP) billion US dollars last March, according to the Egyptian Central Bank's monthly report.
The report attributed the rise to rising exchange rates used to borrow against the dollar, equivalent to U.S. $2 billion (11.9 billion EGP), in addition to maturing debt that amounted to U.S. $874 million (5.2 billion EGP).
The report added that the cost of servicing the debt burden increased U.S. $137.8 million (820 million EGP), as estimated by the previous period between July and March of the fiscal year 2010-2011.
The credit facilities granted by the banks increased by 4.9 billion EGP (U.S. $822 million), between July to May of the fiscal year 2010-2011. Domestic liquidity increased by 994.4 billion EGP (U.S. $166.9 billion) at the end of May 2011.
The increase in domestic liquidity was reflected in the increase of near-money assets, which increased by 47 billion EGP (U.S. $7.9 billion).
Foreign currency deposits increased by 20.3 billion EGP (U.S. $3.4 billion), while local currency deposits declined an estimated 2.8 percent to 32.2 billion EGP (U.S. $5.4 billion).

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