Egypt Turns to the Chinese Currency With Yuan-Denominated Bonds ...Egypt

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Egypt Turns to the Chinese Currency With Yuan-Denominated Bonds
source : Egyptian Streets ( Egypt ) () 30
NICOLAS ASFOURI/AFP via Getty Images Egypt’s Minister of Finance, Mohamed Maait, announced during a press conference on 29 August that Egypt is planning to issue international bonds denominated in the Chinese yuan worth more than USD 500 million (EGP 9 billion). The Minister added that Egypt postponed the issuance of its dollar bonds due to high-interest rates, and that the country is preparing to issue sovereign sukuks (Islamic bonds) worth USD 1.5-2 billion (EGP 38 billion), but the current market conditions are not appropriate. Bonds are financial securities that support a government’s efforts to raise money, in which an investor lends money to a government for a set period of time in exc

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