Egypt to sell short-term dollar debt in March: Report

Tuesday 21 Feb 2012

Egypt to offer US dollar certificates of deposit (CD), Islamic sukuk instruments and land to Egyptians living abroad to help raise foreign currency

Foreign currency
Egypt to offer US dollar certificates of deposit with values ranging from $1,000 to $5,000. (Photo: Reuters)

Egypt plans to offer US dollar certificates of deposit (CD) to Egyptians living abroad at the beginning of March to help it raise foreign currency, Al-Borsa newspaper on Tuesday quoted Finance Minister Mumtaz El-Saeed as saying.

Egypt has said it is looking to sell CDs as well as Islamic sukuk instruments and land to Egyptians living abroad to help plug an external financing shortage estimated at $11 billion over the next 18 months.

The country's balance of payments deficit has widened dramatically during the economic and political turmoil of the last year.

"The government will offer CDs with values ranging from $1,000 to $5,000 within the framework of the government's programme of making foreign currency available," the newspaper quoted Saeed as saying.

He said procedures for the offering would be finalised over the next two days and the government was still studying the size of the offering, Al-Borsa reported.

Saeed was not immediately available for comment.

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