Egypt foreign debt down 13.5% in March 2015

The total foreign debt fell to 13.5 percent to $39.9bn at the end of March 2015, compared to $46.1bn in June 2014, according to the Central Bank of Egypt (CBE).

In a report released on Monday, the bank attributed the drop in the external debt to the increase of the re-paid debts and the declining exchange rates of most currencies against the US dollars.

The burdens of the external debt service (the medium and long term) hit $5.2bn during the period July-March 2014/2015, a decrease of 2.5bn dollars, compared to a corresponding period a year earlier, it said.

The indications reveal a 12.5 percent decline in the balance of the external debt compared to the domestic debt at the end of March 2014 against 15.8 percent decline at the end of March 2014.