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FINANCIAL NEWS
Egypt fuels its foreign reserves with heavy external borrowing
07 Aug 2017
(MENAFN) Egypt has fuelled its foreign reserves with heavy external borrowing from global market, while the reserves hit a record high in July reaching USD36.036bn.
In addition, the reserves have been on the rise since the nation floated its recent and clinched an agreement with IMF for a three-year USD12bn loan.
Accordingly, the increase has been driven by heavy external borrowing as investors pour money into Egyptian assets.
Furthermore, a whole of USD14bn have flowed into Egyptian treasury bills, which are amid the highest yielding in the world.
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MENAFN0708201700450000ID1095701189
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