Financial and Banking News


Egypt Approves $ Bonds 

The Egyptian parliament last week approved the government's plan to issue dollar-denominated debt as part of the austerity drive aimed at compensating for the drop in oil prices which, according to the Prime Minister, Mr 'Ali Lutfi, will result in lost revenue of $700mn in FY 1985-86 and $1.2bn in in FY 1986-87. The new state bonds are guaranteed by the government and issued by the National Investment Bank in...