(MENAFN) Egypt's local debt exceeded USD261 billion in the third quarter of the year, mirroring the country's heavy reliance over domestic borrowing, according to the central bank, Reuters reported.
The government is presently trying to reduce its deficit, expected at more than 10 percent of gross domestic product (GDP) in the fiscal year that ended last week, while enticing investors and reinstating growth.
"The government is highly dependent on local sources, mostly banks, in the form of treasury bills and bonds, to finance its deficit," a senior economist at CI Capital said.
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