UPDATE: Egypt’s business digest Oct. 15: Egypt to issue dollar-dominated bonds worth $3bn: minister
Minister of Finance: Amr al Garhy
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Egypt to issue dollar-dominated bonds worth $3bn: minister

Finance Minister Amr al Garhy announced on Saturday plans to issue dollar-dominated bonds worth $2.5 billion to $3 billion to the international debt markets in the forthcoming period, Youm7 reported.

The move aims to “luring fresh foreign capital inflow to boost Egyptian resources and to get financing from the external market in light of the recent improvement in international assessments for Egypt’s economy,” Garhy said.

The minister did not disclose the exact issuance date.

In January, Egypt’s Cabinet approved a proposal from its Economic Committee to issue dollar-denominated foreign bonds valued at $1.5 billion in the global market.

 

Egypt’s supply ministry sets price of sugar at government selling points

(Reuters) – Egyptian Supply Minister Mohamed Ali El-Sheikh set the price of sugar at government’s selling points at 6 Egyptian pounds ($0.6757) per kg following a spike in domestic prices due to a sugar shortage.

“The decision aims to control the prices and regulate the market as well as limit smuggling and monopolizing and price manipulation,” the ministry said in a statement on Saturday.

The new price for sugar, set by the Supply Ministry, is the third price for sugar in the market as subsidy card holders can buy sugar from the ministry’s selling points at 5 pounds per kilo and the free market offers sugar at around 8-9 pounds per kilo.

Sugar traders said a shortage was caused by their inability to import due to a dollar crunch and a tariff that was imposed earlier this year which discouraged imports. The tariff has since been lifted.

 

3.5 % increase in Wheat production in 2014/2015: CAPMAS

Egypt’s wheat production reached 9.6 million tons in 2014/2015 compared with 9.3 million tons in 2013/2014, with an increase of 3.5 percent, the Central Agency for Public Mobilization and Statistics (CAPMAS) said on Saturday in a report.

The report, which was issued on the World Day of Food on Oct. 16, attributed such increase to enlargement of the cultivated area of wheat, adding “the primary self-sufficiency rate reached 44% this year.”

“Grain production reached 21.3 million tons in 2014/2015 compared to 21.9 million tons in 2013/2014, a decrease of 2.7 %,” however, the report said.

 

Egypt, Kazakhstan to hold meetings of joint business committee in December

Egyptian Minister of international Cooperation Sahar Nasr met with Kazakhstan ambassador to Cairo Berik Aryn, agreeing to hold the fifth round of the joint business committee’s meetings in December, according to a statement from the Egyptian Ministry of International Cooperation on Saturday.

The meetings of the committee have been suspended since 2007; the coming round aims to activate bilateral cooperation in several sectors, the statement added.

Both sides agreed to continue restoration works for the Mosque of al-Zahir Baybars by Kazakh side, the statement noted.

 

Government borrows 11 bn EGP in T-bills on Sunday

The Egyptian Ministry of Finance will put forward, via the Central Bank of Egypt (CBE), a total of 11 billion EGP in treasury bills (T-bills) on Sunday, according to the CBE data.

The auction is divided into two installments; it will auction 5.5 billion EGP in 91-day-term treasury bills, 5.5 billion EGP will be offered in 273-day-term T-bills.

It is expected that the state’s general budget deficit could reach 322 billion EGP by the end of Fiscal year of 2016/2017. Auctioning the treasury bills and bonds are the government’s financial tools of borrowing.

 

USD exchange rate ‘stable,’ reaches 8.78 EGP

The USD exchange rate has been stable against the Egyptian Pound, where it reached Saturday 8.58 EGP for sale and 8.88 for purchase. Euro exchange rate reached 9.76 EGP for purchase and 9.78 EGP for sale.

Meanwhile, the Central Bank of Egypt will pump a total of $120 million to the domestic banks nationwide, amid expectation of devaluating the Egyptian pound against the dollar.

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