The government will offer US dollar treasury bonds worth $2.5-3bn in mid-January, according to Minister of Finance Amr El-Garhy. He added that another offer of the same value will take place in the second half of 2017.
The ministry had initially intended to offer these bonds this week but five investment banks advised a postponement due to unattractive interest rates at the time.
The minister explained that the timing was changed due to instability in global markets following the result of the US presidential elections.
El-Garhy commented that the results of the flotation exceeded expectations, as inflation rates should decline down to 10% in the next few months after the US dollar exchange system is fixed.
Foreign investments in Egyptian treasury bonds and bills increased to $500m since the flotation of the Egyptian pound as of 20 November. It is expected that this will surpass the $10-12bn that was recorded in 2012, as foreign investments are pumped into Egyptian shares owing to liquidity in global markets, he said at a CEOs conference organised by Al-Mal newspaper on Monday.
