NBE postpones issuance of international bonds

The National Bank of Egypt (NBE) postponed offering international bonds, which were to be issued at the end of July, according to an NBE source who spoke to Daily News Egypt, Tuesday.

The source said the reason behind this was the current instability of the international stock markets due to the Greek crisis, which dictates it is not the right time to launch these bonds.

He added that the NBE is keen to attract investors for these bonds from the international markets, by applying the lowest interest rate possible. This may happen in the next period with the opening of the New Suez Canal, especially since there is great hope for the Egyptian economy to rise in the future. As a result, this will positively affect the pricing of the bonds that the bank intends to offer.