The total foreign investments in government debt instruments amounted to $17.5bn since the liberalisation of the exchange rate of the Egyptian pound until the end of June, according to Minister of Finance Mohamed Maiet.
Maiet said in press conference held at the ministry that Egypt absorbed the shock of the exit of foreigners in debt instruments during the previous months in the light of changes in global markets.
Maiet added that the government has completed the implementation of measures to insure against the risks of oil prices globally by 100%, but the government did not determine the timing of their application.
He noted that the ministry has not taken any new measures in issuing international bonds on international markets so far.
For his part, Deputy Minister of finance for monetary policies Ahmed Kojak said that the volume of foreign investments exit in debt instruments during the last period ranged between $3-4bn.
Kojak added that interest rates remain on Egyptian bonds abroad is better for foreigners with a high credit rating.
He pointed out that Moody’s has been conducting its annual periodic review of Egypt and holding meetings with investors and the private sector in preparation for issuing its periodic report on Egypt, expressing his hope that the credit rating will improve in the coming period.
