Egypt's Finance Minister Amr El-Garhy attends a news conference in Cairo, Egypt August 11, 2016. REUTERS/Mohamed Abd El Ghany
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Egypt is considering shifting away from costly short-term domestic debt toward longer-term borrowing, as falling interest rates provide cheaper options to finance the fiscal deficit, its finance minister said.Egypt has cut its benchmark rate by 200 basis points this year, as inflation has eased to just over 13 percent.Last week, the government sold 12-month T-bills at an average yield of 16.84 percent and five-year T-bonds at 15.091 percent.Garhy said the government was pushing ahead with initial public offerings of state-owned companies that would increase the market capitalization of Egyptian stocks to around 4 trillion pounds, from the current level of around 1 trillion pounds.
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