Egypt’s Central Bank Extend It’s Dollar Bonds Repurchase By 1.5 Yrs

A sign sits above the entrance to Egypt’s central bank in Cairo, Egypt, on Tuesday, Nov. 22, 2011. Egypt’s benchmark dollar bonds slumped, sending the yield to the highest level since January, after concessions made by the country’s military rulers were rejected by protesters demanding a civilian government. Photographer: Shawn Baldwin/Bloomberg via Getty Images

The Central Bank of Egypt has extend the term of its dollar bonds repurchase by 1.5 years from original 4.5-year-term. This increases the overall maturity of these bonds to six years.

The extension was agreed by the current consortium of banks, according to a statement by the central bank.

It reflects the continued strong affirmation and vote of confidence by the international market in the continued success of Egypt’s homegrown economic reform programme, it added.

The central bank explained that the decision came after it had received a number of proposals that called for such extension.

The move comes despite the challenges of the coronavirus pandemic and the growing risk that the global economy is facing, the statement read.

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The term of a repurchase transaction originally commenced as of October 10, 2018 with a consortium of international banks.

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