foreigners invest egp 53 bln in egypts local currency tbills minister
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Foreigners invest EGP 53 bln in Egypt's local currency T-bills: Minister

Arab Today, arab today

Arab Today, arab today Foreigners invest EGP 53 bln in Egypt's local currency T-bills: Minister

Finance Minister Amr El-Garhy at a news conference in Cairo, Egypt. (Reuters)
Cairo - Arab Today

The foreign holdings of Egyptian treasury bills have reached EGP 53 billion (roughly $3.3 billion), Egypt’s finance minister said on Sunday.

 

During a news conference organised by the American Chamber of Commerce in Egypt, Amr El-Garhy said that the rise reflects foreign investors’ confidence in the Egyptian economy, following the implementation of its reform programme.

The international investments in the governmental debt tools were around EGP 10 billion (roughly $633 million), during the roadshow for the Egyptian eurobonds, El-Garhy said.

The 12-day roadshow, which started on 17 January, included the UAE's Abu Dhabi and Dubai, as well as New York, Boston, Los Angeles and London.

As a result, Egypt successfully issued $4 billion in eurobonds on the global bond market, the largest issuance in Egypt and Africa, bridging the funding gap for the current fiscal year 2016/17.

Speaking about the budget deficit, which registered 12.2 percent of GDP in the last fiscal year, 2015/16, El-Garhy said he expected the current year to see a drop to 10-10.2 percent of GDP.

"The tax amendments would be finished before May," he added, referring to the delayed capital gains tax and the projected stamp duty on stock trading.

Egypt suspended the capital gains tax in May 2015 for two years under pressure from investors. They said it was discouraging business just as Egypt was struggling to recover from a plunge in confidence after the 2011 revolution and subsequent political upheavals.

The Higher Investment Council last year extended the suspension of capital gains tax for three years, until 2020 as part of efforts to lure back investors

Source: Ahram online

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

foreigners invest egp 53 bln in egypts local currency tbills minister foreigners invest egp 53 bln in egypts local currency tbills minister

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

foreigners invest egp 53 bln in egypts local currency tbills minister foreigners invest egp 53 bln in egypts local currency tbills minister

 



GMT 08:23 2017 Monday ,03 April

Tesla tops quarterly sales forecast

GMT 20:11 2017 Saturday ,25 March

Former head of Egypt’s syndicate submits appeal

GMT 05:28 2017 Sunday ,26 November

Gas exporters call for 'fair price'

GMT 10:51 2018 Tuesday ,11 December

Cloudy weather with rain showers forecast Tuesday

GMT 20:00 2017 Monday ,25 September

Tourism minister leaves for France to attend Top Resa

GMT 22:07 2017 Tuesday ,02 May

UAE soldier martyred in Yemen

GMT 00:25 2017 Sunday ,10 September

Philippines Sees the Bloodiest

GMT 20:21 2017 Wednesday ,08 November

Ambassador Aizaz Chaudhry met members of Congress in US

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:16 2017 Monday ,25 December

Sharjah Ruler issues Emiri Decree on SGMB functions

GMT 13:16 2017 Sunday ,15 October

Qatari sheikh says assets frozen over Gulf crisis

GMT 12:50 2017 Saturday ,11 November

ICC prosecutor calls for Afghanistan war crimes probe

GMT 13:28 2012 Friday ,17 February

NYT\'s Anthony Shadid dies in Syria

GMT 16:44 2017 Friday ,01 September

Al-Bashir to partake in OIC Summit in Kazakhstan
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday