Egypt borrowed $3bn in 2 months

Egyptian Minister of Finance Momtaz al Said announced the net borrowing from the Egyptian government between July and September 2012 reached about 18.5 billion Egyptian pounds ($3 billion) in the form of governmental securities.  This period witnessed the outcome of government securities of 164.4 billion Egyptian pounds ($25 billion). Previously the value was 145.9 Egyptian pounds which shows a net value of 18.5 Egyptian pounds ($3 billion).  Al Said pointed out in a statement that the period between August 1 and September 12, reached the total value of 79.1 billion Egyptian pounds, against 67 billion pounds. The net borrowing during the current government is 12.1 billion Egyptian pounds.  He said that all the data about the offering and payment process of the treasury bonds, bills  and their interest rates are published on the website of the Ministry of Finance and anyone can access them.  The Minister asked the media to be very accurate when publishing news or reports so it would not contribute to the spread of rumours and cause confusion between citizens. This is because it would have a negative impact on the national economy and the regularity of the society in work and production.