Egypt’s external debt hits $47.8 billion in 2015

Egypt’s external debt hit $47.8 billion by the end of 2015, signifying a $6.5 billion rise in contrast to December 2014, according to a report released by the Central Bank of Egypt (CBE) on Tuesday.According to the CBE report, Egypt ‘s public debt rose $6.5 billion during the fourth quarter of last year compared to the same period in 2014.

Meanwhile, the CBE will hold an exceptional dollar auction for $1.5bn on Wednesday to cover the outstanding debts importers owe to the banks in foreign currency.

On Tuesday, the CBE sold $200m to banks operating in the local market at a rate of EGP 8.85 per dollar, through an exceptional tender, to cover the demand of importers of food commodities.

Tuesday’s auction was the second consecutive day in which the CBE issued an exceptional tender to inject foreign currency liquidity into banks, as it sold a similar sum on Monday.