Egypt cancels offer for 3 and 8 years after high returns

The Egyptian Ministry of Finance canceled bond sale offers at three and eight years worth a total of 3.5 billion pounds after asking for high interest rates at banks and investors. "The prices are not appropriate … we will accept the prices that suit us," he told Reuters by phone.

Egypt aims to raise the interest rate on public debt instruments in the 2018-2019 budget to about 14.7% 18.5% expected in 2017-2018.

Bankers told Reuters on Tuesday that "Bank offers accounted for between 18 and 18.5 percent."

The volume of foreign investment in Egyptian public debt instruments reached $ 23.1 billion in end of March 2018, compared to about $ 20 billion in December. Egypt's financing requirements for the 2018-2019 budget amount to about 714.637 billion pounds, of which 511.208 billion are domestic debt instruments and the rest is financed by bonds and loans. IMF loan.