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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