Egypt's total external debt rose by 40.8 percent year-on-year in the first half of the fiscal year 2016-2017, while domestic public debt increased by 28.9 percent in the same period, the Central Bank of Egypt (CBE) announced. In the February bulletin, the CBE said that the country's total foreign debt increased to $67.322 billion in the first half of the fiscal year 2016-2017, ending in December 31, compared to $47.792 billion in the first half of 2015-2016. Domestic public debt recorded LE3.252 trillion (around $166.9 billion) in 2016-2017, compared to LE2.368 trillion in the first half of the previous fiscal year. The CBE announced the flotation of the Egyptian pound on November 3, 2016, leading to a significant increase in prices. Amer said the CBE will issue its first report on monetary policy, including official rates for basic and for general inflation, in order to promote transparency, enhance communication with all institutions and citizens; and to address internal and external public opinion.

Source: Egypt Independent April 04, 2017 11:26 UTC