Cairo – Mubasher: Egypt economic reform measures aims to curb the country’s budget deficit by 11% to 12% and bring it down to 10% by the end of the fiscal year 2015/16, according to a press release published by Egyptian cabinet.

Last July, the Ministry of Finance said the state general budget for FY2016/17 targets budget deficit of nearly 9.8% compared with 12.2% according to the preliminary figures of the country’s General Budget Final Account. of 2015/16.

Earlier, the ministry of finance estimated the country’s budget deficit to near EGP 319.46 billion for FY2016/17.

“Egypt’s government eyes direct and indirect investments of around $10 to $15 billion through the upcoming two years,” said Sherif Ismail, Prime Minister.

Last week, CBE float the pound; setting an initial rate of EGP13/USD (down 46% from the previous official rate of EGP8.88/USD), with a 10% band limit – letting banks determine the rate.

The CBE also raised the overnight deposit, lending and discount rates by 300bps to 14.75%, 15.75% and 15.25%, respectively.