Egypt raises average USD exchange rate in FY18/19 budget

Egypt raises average USD exchange rate in FY18/19 budget
The average interest rate on government treasury bills and bonds has been raised to 18.6% in this year’s estimates

Cairo – Mubasher: The Egyptian Ministry of Finance (MoF) has raised the average exchange rate of the US dollar to EGP 18 in its initial estimates of the state’s 2018/2019 budget, versus an earlier estimated average of around EGP 17.25.

The average interest rate on government treasury bills and bonds has been raised to 18.6% in this year’s estimates, against an average rate of 14.7%, according to the MoF’s semi-annual report on FY18/19 financial performance.

It is worth noting that the Egyptian pound had seen a remarkable increase over the past period against the USD and that interest rate on T-bills and T-bonds had fallen below 18%, its lowest level since last June.

Egypt aims to issue EGP 409.6 billion T-bills and EGP 101.6 billion bonds in FY18/19.