The size of Egypt’s foreign debt increased by $19.522bn in 2016, recording $67.322bn by the end of December 2016, compared to $47.8bn by the end of December 2015, according to the Central Bank of Egypt (CBE). The CBE said in a recent report that the foreign debt amounted to 37.6% of Egypt’s gross domestic product (GDP) in December 2016, compared to 13.6% in December 2015. The foreign exchange flowing into the Egyptian market reached $3.981bn in the fourth quarter of 2016, while the outflows recorded $1.566bn. Meanwhile, the CBE revealed that local public debt increased to EGP 3.052tn by the end of December 2016, with the net local debt also increasing to EGP 2.596tn. The local public debt has increased to 94.1% of the GDP, estimated at EGP 3.245tn at the end of 2016.

Source: Daily News Egypt April 02, 2017 13:30 UTC