Data from the Central Bank of Egypt (CBE) on Thursday showed a rise in Egypt’s cash supply of 27.166% year-on-year in May.
The money supply was 10.352 trillion Egyptian pounds ($215.76 billion), up from 8.140 trillion pounds ($169.58 billion) in the same month last year.
Egypt has paid $25 billion of its domestic and external public debt since last March, according to a report by the Institute of International Finance.
The report explained that this payment came as a result of the Ras Al-Hikma deal, which included the transfer of Emirati deposits worth $11 billion with the Central Bank into investments in local currency, in addition to the payment of Eurobonds worth $2 billion, which is equivalent to 7% of GDP.
read more
Follow the latest news on Google News
