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As Egypt’s foreign exchange reserves sank to $15.333bn at the end of December from $15.882 a month earlier (see graph), the Egyptian council of ministers announced on 6 January that it would tap the international bond market with a new issue worth $1.5bn to boost its foreign exchange reserves and attract foreign capital.
The cabinet said in a statement that its decision was prompted by an improvement in the assessment of Egypt’s economy internationally, as evidenced in last month’s rating by New York-based agency Fitch (see box). The statement added that the decision was also helped by the decline in US interest rates and the availability of liquidity on the international market. (CONTINUED - 310 WORDS)