Central Bank Of Egypt Repurchase Agreement

by on April 8, 2021

The decision by the Egyptian Central Bank (CBE) to extend the $3.8 billion financing agreement with international banks will support the stability of foreign exchange reserves, Beltone Financial said. The 2017 agreement was essentially an extension of Egypt`s financing under the $2 billion buyback deal signed in November 2017 by the sale of government bonds on U.S. bonds, which propelled the Treasury to the Irish Stock Exchange. On Thursday, the CBE agreed to conduct a new retirement transaction with a consortium of international banks for a total of $3.8 billion, a final term of 4 years and 6 months and an average duration of 3 years. “The transaction was unanimously supported by the current banking consortium,” CBE said. CBE extends the duration of the $3.8 billion transaction with int`l banks to six years: the central bank has agreed to extend the four-and-a-half-year (repo) retirement contract with international banks to six years in 2018, he said in a statement yesterday (pdf). The banks – which include Citigroup, Credit Suisse, Deutsche Bank, First Abu Dhabi Bank, HSBC and JP Morgan Securities – have turned to the CBE to ask for the extension and offer better terms, said ramy Aboul Naga, vice governor cbe, at Al Arabiya. The extension extends the duration of bonds purchased by banks by 18 months, allowing the central bank to repay in October 2024. The agreement shows “a sign of international market confidence in the continued success of its own economic reform agenda,” the Central Bank said.

Last year, Egypt launched an ambitious economic reform agenda, linked to a three-year, $12 billion agreement by the International Monetary Fund. (Eric Knecht report, cut: Larry King) The repurchase transaction was carried out by the banks against most Of the Treasury government bonds, denominated in Egyptian dollars, listed on the Irish Stock Exchange. CAIRO – November 17, 2020: Egypt`s Central Bank has announced its agreement to extend the initial 4.5-year deal, originally concluded on October 10, 2018 with a consortium of international banks, by 1.5 years.

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