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Higher Demand for the Dollar in Egypt Due $14.7 Billion Debt Repayment

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Egypt will have to repay $14.7 billion this year to international creditors, including Arab countries that deposited billions of dollars in the Central Bank of Egypt to boost Cairo’s international reserves.

However, the repayments will create greater demand for the US currency in the local market, economists said.

“This demand will eventually lead to raising the exchange rate of the US currency against the Egyptian pound,” said financial economics expert Doha Abdelhamid.

The repayments will create greater demand for the US currency in the local market. (Shutterstock)

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