Egypt\u2019s external debt increased to $134.8 billion by the end of March 2021, an increase of about $11.3 billion from June 2020, according to the Central Bank of Egypt (CBE).<\/p>\n
In its \u2018External Position of the Egyptian Economy\u2019 report, the CBE attributed the increase to the rise in net disbursements of loans and facilities by $9.6 billion as well as the depreciation of the US dollar exchange rate vis-a-vis other currencies of external debt, which led to an increase of $1.7 billion in book value.<\/p>\n
For long-term external debt, the report revealed that it rose to $121.5 billion \u2014 representing 90.2 percent of Egypt\u2019s total external debt by the end of March 2021 \u2014 up by about $8.9 billion compared to the end of June 2020.<\/p>\n
Meanwhile, Egypt\u2019s short-term debt increased by about $2.4 billion to post $13.3 billion \u2014 accounting for 9.8 percent of the country\u2019s total external debt \u2014 according to the report.<\/p>\n
This debt type\u2019s net international reserves also inched up to 32.9 percent at the end of March 2021 from 28.5 percent by the end of June 2020, according to the report.<\/p>\n
The government remains the main obligor of all debts, accounting for around 59.7 percent of Egypt\u2019s external debt, as it rose by $11.1 billion at the end of March 2021 compared to June 2020, reaching $80.5 billion, according to the report.<\/p>\n
Egyptian banks\u2019 external debt also went up by about $1.8 billion to record $13.8 billion by the end of the third quarter (3Q) (July-March) of FY2020\/2021.<\/p>\n
On the other hand, the report showed that the debt services that Egypt must pay declined to $10.8 billion \u2014 down from $13.7 billion by the end of the same quarter of FY2019\/20 \u2014 with installments repayment amounting to $7.7 billion and paid interest set at $3.1 billion by the end of the 3Q of FY2020\/21.<\/p>\n","protected":false},"excerpt":{"rendered":"
Egypt\u2019s external debt increased to $134.8 billion by the end of March 2021, an increase of about $11.3 billion from June 2020, according to the Central Bank of Egypt (CBE).<\/p>\n","protected":false},"author":4,"featured_media":321424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[222],"class_list":["post-323169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-central-bank-of-egypt-cbe"],"yoast_head":"\n