Dollar price will not affect imports

The Ministry of Finance’s decision to put up bonds in international markets is still under review, and the ministry has not withdrawn its decision but is waiting for the right opportunity, said Minister of Finance Hany Kadry Dimian.

He added that Egypt seeks to create positive revenue on its bonds, since it has already put up bonds worth $1.5bn and is considering launching another set of $1.5bn bonds in international markets in the coming period.

Dimian told Daily News Egypt that the pound devaluation will not increase the prices of Egypt’s imports, which he estimated at $81bn by the end of last year, noting that Egypt’s dollar sources are likely to increase during the upcoming period from foreign investments and tourism.

He added that the new dollar income will absorb the anticipated increase in Egypt’s imports led by the pound devaluation.

Dimian said the government will work to provide new incentives to encourage foreigners to invest in Egyptian treasury bonds and bills. He, however, did not explain what those incentives may be, noting that they are still under consideration.