Cairo – Mubasher: Egypt’s public debt service is expected to decrease by EGP 280 billion annually on the back of lower borrowing costs with the declining interest rates, the Middle East News Agency (MENA) recently reported, citing informed sources at the Central Bank of Egypt (CBE) as saying.

Borrowing costs have fallen to levels below those before the CBE’s decision to float the Egyptian pound exchange rate, declining by about 7% to the current 11.2%, compared to a previous level of 18%, sources added.

The drop in interest rate have positively affected the country’s public budget and helped narrow budget deficit, especially with the volume of debt exceeding EGP 4 trillion.