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FINANCIAL NEWS
Egypt’s foreign reserves down to USD18.09b in August
08 Sep 2015
(MENAFN) According to central bank data, Egypt’s foreign currency reserves dropped to USD18.09 billion at August-end from USD18.53 billion registered in the previous month.
Reserves stood at about USD36 billion before the 2011 revolt that ousted Hosni Mubarak. Meanwhile, Egypt will return to the international bond market in the first half of 2016, the country’s finance minister said.
The government conducted its first international bond sale in five years in June, selling USD1.5 billion of 10-year bonds at a yield of 6 percent after receiving more than USD4.5 billion in investor orders.
“We will go out to the international bond market in the second half of the financial year 2015-16, God willing,” the minister said at the sidelines of a Euromoney conference.
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