Amid a foreign currency crunch, Egypt has drawn down net foreign assets in the banking system by more than $40 billion in two years, partly used to prop up the pound.
Reuters Graphics Reuters GraphicsReuters GraphicsFINDING FOREIGN FUNDSTwo of Egypt's main foreign currency streams, tourism and Suez Canal transit fees, have edged up.
The hard currency squeeze has raised concerns about Egypt's ability to repay foreign debt.
Those repayments to the IMF and foreign bond holders alone, worth about $4.5 billion, amount to more than half the annual $8 billion Egypt earns from the Suez Canal.
Egypt's external loans leapt to $162.9 billion by December 2022 from under $40 billion in 2015, central bank data showed.
Persons:
snubbing, Monica Malik, Moustafa Madbouly, Moody's, politican Abdel Fattah al, Sisi, Farouk Soussa, Goldman Sachs, Patrick Werr, Sumanta Sen, Aidan Lewis, Edmund Blair
Organizations:
Investors, International Monetary Fund, Finance, Reuters Graphics Reuters, Reuters, Reasssured, Stockholm International Peace Research Institute, Thomson
Locations:
CAIRO, Egypt, snubbing Egypt, Ukraine, Abu Dhabi, Suez, Cairo, Stockholm