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Local debts increase $20bn in 2017

Tuesday 26 June 2018 10:18 AM

Central Bank of Egypt_0
Central Bank of Egypt_0

Egypt’s local debts increased 11.8 per cent in 2017 to 3.414 trillion Egyptian pounds ($191.7 billion), the Central Bank announced yesterday.

Local debt increased 362 billion Egyptian pounds ($20.3 billion), the bank said, from 3.052 billion Egyptian pounds ($171.4bn) at the end of 2016.

Debt has however decreased as a percentage of GDP, the bank said, making up 83.3 per cent of the country’s gross domestic product of 4.072 trillion Egyptian pounds ($228.7 billion) by the end of 2017, compared to 88 per cent in 2016.

Egypt’s overall debts, both local and international, stand at $274.5 billion, the Anadolu Agency reported data from the Egyptian Central Bank showing.