Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Egypt’s Domestic Notes Retreat as Economic Growth Sluggish

March 7 (Bloomberg) -- Egypt’s domestic bills retreated after the government announced economic growth in the last quarter of 2011 was little improved as the tourism and construction industries contracted.

The mid-yield on the country’s local-currency one-year notes increased 4 basis points to 15.8 percent, according to secondary-market prices compiled by Bloomberg from 15 contributors. The rate on one-week securities advanced seven basis points to 12.1 percent.

Gross domestic product expanded 0.4 percent in the three months that ended Dec. 31, compared with growth of 0.2 percent in the previous quarter and 5.6 percent a year earlier, the Ministry of Planning and International Cooperation said yesterday. Tourism shrank 6.5 percent in the quarter after contracting 10.4 percent in the previous three months, according to the report. Construction, which fell 2.8 percent in the first quarter of the fiscal year, dropped 0.6 percent.

The government is awaiting parliamentary approval for an economic program that reduces the budget deficit and public debt over the next two years before submitting it to the International Monetary Fund for a $3.2 billion loan. IMF money would help meet financing needs of about $11 billion by June 2013, Minister of Finance Momtaz el-Saieed said last month.

The yield on the country’s 5.75 percent dollar bonds due in 2020 retreated one basis point, or 0.01 of a percentage point, to 6.82 percent at 3:55 p.m. in Cairo, according to prices compiled by Bloomberg. The Egyptian pound was little-changed today at 6.0367 a dollar.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net;

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.