CAIRO, March 19 Egyptian Finance Minister Amr El
Garhy said on Sunday that the 2017-18 government budget would
assume an exchange rate of 16 Egyptian pounds per dollar.
The rate he cited would represent a strengthening of the
pound, which is currently at 18.12 to the dollar.
Speaking to local television channel CBC, Garhy also said
foreigners had purchased government debt in the form of treasury
bills and bonds worth $3.5 billion since the country floated the
pound in November, and that Egypt was targeting a total of $10
billion in foreign investment in treasuries by the end of 2017.
Garhy said he is aiming for a growth rate of 4.8 percent in
the budget, which will be presented to parliament before March
31. The growth rate for the 2016-17 fiscal year, which ends in
June, will be around 3.8 to 4 percent, he said.
He said the budget has a target deficit of 9.25 percent.
(Reporting by Ali Abdelaty; Writing by Ahmed Aboulenein;
Editing by Mark Trevelyan)