The Central Bank of Egypt declared that Egypt’s external debt reached $109.4 billion at the end of last
September, compared to $108.7 billion by the end of last year. The bank said it was the second slowest
increase since the currency flotation after the third quarter of 2019.
An official in the Central Bank of Egypt told Al-Borsa newspaper that the index of the external debt ratio
of the gross domestic product decreased to less than 36 per cent as a result of the fact that the rates of
debt growth are lower than the rates of GDP growth in addition to the dollar depreciation against the
pound and that these rates are at a safe level.
The decision of floating or liberating the exchange rate encouraged the Egyptian producer to compete
and increase exports and positively reflected on the low unemployment rates and the increase of growth
rates according to the CBE.