Central Bank of Egypt

Transcription

1 Central Bank of Egypt External Position of the Egyptian Economy July/September 2017/18 Volume No. (59)

2 Central Bank of Egypt External Position Preface The External Position of the Egyptian Economy Report is a series produced by the Economic Research Sector in the Central Bank of Egypt (CBE). The report tracks, on a quarterly basis, the international transactions that the Egyptian economy conducts with the rest of the world. It relies, for this purpose, on the national statistics that are regularly compiled in line with the SDDS prescriptions. Enthused by the CBE keenness to enhance its disclosure, transparency and communication policy, the report is meant to serve several functions. Generally, it spreads, to a broad array of readers, knowledge of Egypt s external accounts including the balance of payments, external debt, international investment position and external liquidity. Particularly, it monitors key external sector performance indicators of the economy in order to identify areas of policy needs. The information revealed in this series has also significant implications for decision-making, investment climate, doing-business environment and sovereign credit ratings. The report contains 6 sections. The first section gives a performance portrait of the key components of Egypt's Balance of Payments (BOP). The second and third review developments related to the International Investment Position (IIP) and external liquidity. The fourth and fifth show Egypt's external debt in its different classifications and the exchange rate developments. The last section is a statistical part that provides more details on the above mentioned five sections. This is in addition to a glossary. The report is downloadable from CBE website Hard copies can be obtained from the Economic Research Sector, 8th floor, 54 El Gomhoreya Street, Cairo.

3 Central Bank of Egypt External Position Table of Contents Overview Page Section I: Balance of Payments (BOP) BOP Performance 1 1-Current Account 1 2-Capital and Financial Account 4 Section II: International Investment Position (IIP) 7 Section III: Section IV: External Liquidity A -Net International Reserves (NIR) 9 B -Net Foreign Assets of Banks (NFA) 9 External Debt A - Breakdown by Maturity 11 B - Breakdown by Type 12 C - Breakdown by Currency 12 D - Breakdown by Creditor 13 E - Breakdown by Debtor 13 F - External Debt Indicators 14 Section V: Exchange Rate Developments 15 Section VI: Statistics Appendix I 1- Balance of Payments International Investment Position (IIP) Coordinated Portfolio Investment Survey (CPIS) NIR & NFA at Banks External Debt by Type External Debt Indicators External Debt by Debtor Foreign Exchange Rates 27

4 Central Bank of Egypt External Position Table of Contents (Cont.) Page Appendix II A- Outstanding External Debt B- Disbursed and Undisbursed Amounts for Signed Loans & Deposits 48 C- Projected Medium- and Long-Term Public and Publicly Guaranteed External Debt Service D- Projected Short-Term Debt 71 E- Exchange Rates of the Currencies of External Debt versus US Dollar 72 Appendix III Box. (1): Egypt's Subscription to SDDS and Data Quality Dimensions Box. (2): Egypt's Data Quality Dimensions 76 Box. (3): Doing Business in Egypt 77 Box. (4): Tourism Sector Performance Glossary 79

5 Central Bank of Egypt External Position Striving to bolster confidence in the Egyptian economy and achieve monetary stability, the CBE has taken several measures on 3 November, 2016 to rectify exchange rate policy by moving to a liberalized exchange rate regime, so that banks would be at liberty to quote and trade at any exchange rate. This move would allow the CBE to quell any distortions in the domestic foreign currency market and put foreign exchange activity back on the right and formal track through eradicating the parallel market altogether. The CBE s Decision to liberalize the exchange rate regime on 3 November, 2016 led to the steady accumulation of foreign currency reserves through the formal channels. Egypt's BOP ran an overall surplus of about US$ 5.1 billion in July/September 2017/2018 (against about US$ 1.9 billion in the corresponding period). The current account deficit narrowed by 65.7 percent to about US$ 1.6 billion (from about US$ 4.8 billion). The capital and financial account recorded a net inflow of about US$ 6.2 billion (against about US$ 7.2 billion). The current account deficit was mainly traceable to the following developments: the trade deficit declined by 5.0 percent to about US$ 8.9 billion, the services surplus picked up by percent, to record about US$ 2.8 billion, income balance ran a deficit of about US$ 1.5 billion), and unrequited current transfers (net) inched up by 37.3 percent, to register about US$ 6.0 billion. The capital and financial account revealed the following developments: the net inflows of FDI in Egypt registered about US$ 1.6 billion, portfolio investment in Egypt unfolded a net inflow of about US$ 7.5 billion, and other assets and liabilities achieved a net outflow of about US$ 3.6 billion. Overview Egypt s International Investment Position (IIP) at end of September 2017 recorded net external liabilities (assets minus liabilities) of about US$ billion, up by 1.7 percent compared to end of June Net International Reserves (NIR) increased by US$ 5.2 billion to reach US$ 36.5 billion, thus covering 7.4 months of merchandise imports at end of September The increase was an outcome of the rise of foreign currencies by about US$ 5.1 billion and of gold by US$ 0.1 billion. During the Report s preparation, NIR reached US$ 37.0 billion at end of December Banks net foreign assets increased by around US$ 1.7 billion during July/ September 2017/2018. Foreign currency deposits with banks decreased by 1.8 percent during the period concerned, reaching US$ 37.8 billion at end of September As a percentage of total deposits, they made up 25.3 percent. Total external debt increased by about 2.3 percent to about US$ 80.8 billion at end of September 2017, from US$ 79.0 billion at end of June The external debt remains within manageable limits, and its position continues to have a favorable structure, as 85.1 percent of the debt are medium- and long-term. The weighted average of the interbank foreign exchange market rate revealed that the Egyptian pound interbank rate appreciated by 2.5 percent during July/September 2017/2018, as the EGP reached per US dollar at end of September 2017, against EGP per US dollar at end of June 2017.

6 Section I Balance of Payments (BOP)

7 Central Bank of Egypt External Position 1 E gypt's BOP ran an overall surplus of about US$ 5.1 billion in July/September 2017/2018 against about US$ 1.9 billion in the corresponding period. The current account deficit narrowed by 65.7 percent to about US$ 1.6 billion (from about US$ 4.8 billion). The capital and financial account recorded a net inflow of about US$ 6.2 billion (against about US$ 7.2 billion). Chart (1) shows the developments in Egypt s BOP main components, on quarterly basis. US$ bn Chart (1) : Egypt's BOP Main Components Q1 Q2 Q3 Q4 Q1 1- Current Account 2016/ /2018 Capital & Financial Account Current Account Overall Balance The current account deficit was mainly traceable to the following developments: the trade deficit declined by 5.0 percent to about US$ 8.9 billion (from about US$ 9.4 billion), the services surplus picked up by percent, to record US$ 2.8 billion (against US$ 1.4 billion), and unrequited current transfers (net) inched up by 37.3 percent, to register about US$ 6.0 billion (versus US$ 4.4 billion). The income balance ran a deficit of about US$ 1.5 billion (against about US$ 1.1 billion). BOP Performance 1.1: Trade on Goods Trade volume increased by 3.4 percent, to reach US$ 20.6 billion (9.2 percent of GDP) during July/September 2017/18. The trade deficit decreased by US$ million, to US$ 8.9 billion (4.0 percent of GDP) from US$ 9.4 billion, due to the following developments: Merchandise exports increased by 11.0 percent to US$ 5.8 billion, due to the increase in both oil exports by 16.8 percent, to reach US$ 1.8 billion (30.5 percent of total exports) and in non-oil exports by 8.6 percent to reach US$ 4.0 billion (69.5 percent of total exports). As a result, the exports/imports ratio mounted to 39.5 percent, from 35.8 percent. Merchandise imports slightly increased by 0.7 percent to US$ 14.8 billion, reflecting the increase in both oil imports by 1.5 percent to US$ 2.8 billion (18.9 percent of total imports), and in non-oil imports by 0.5 percent to US$ 12.0 billion (81.1 percent of total imports). The following charts illustrate the distribution of commodity exports by degree of processing and imports by degree of use during July/September 2017/18. US$ bn Chart (2): Oil & Non-oil Exports and Imports July/September 2015/ / /2018 oil exports non-oil exports oil imports non-oil imports Trade balance

8 Central Bank of Egypt External Position 2 Chart (3): Proceeds of Merchandise Exports US$ 5.8 bn Chart (6) : Imports by Geographical Distribution July/September 2017/2018 African Countries (Non-Arab) 1.9% Australia& Other Countries 14.3% EU 28.8% Fuel, mineral oils & products 31.6% Raw materials 7.5 % Semifinished goods 18.0% Finished goods 42.9% Asian Countries (Non-Arab) 19.8% Arab Countries 18.0% USA 4.3% Other EU Countries 6.1% Russian Federation & C.I.S 6.8% Fuel, mineral oils & products 19.5% Chart (4): Payments for Merchandise Imports Raw materials 9.6% US$ 14.8 bn, of which Intermediate goods 32.0% Investment goods 13.8% Consumer goods 21.9% Hereunder is the geographical distribution of merchandise exports and imports: Chart (5) : Exports by Geographical Distribution July/September 2017/2018 African Countries (Non-Arab) 2.2% Asian Countries (Non-Arab) 10.5% Arab Countries 23.3% USA 7.1% Australia & Other Countries 11.2% EU 36.4% Other EU Countries Russian 8.6% Federation &C.I.S 0.7% - Egypt's main trade partners in terms of exports were UAE, Italy, USA, UK, India, Germany, Turkey, Switzerland, Saudi Arabia and Canada. These countries combined, accounted for some 59.0 percent of total exports. - As for imports, Egypt's trade partners were China, UAE, Germany, USA, Russia, Saudi Arabia, UK, Italy, France, Brazil, Switzerland and India. These countries combined, accounted for some 51.8 percent of total imports. 1.2: Services Balance The services surplus doubled to reach about US$ 2.8 billion (against about US$ 1.4 billion) as the increase in services receipts outpaced the rise in services payments, as follows: US$ bn Chart (7) : Services Balance Q1 Q2 Q3 Q4 Q1 2016/ /2018 Services Receipts Services Payments Services Balance 1.2.1: Services receipts increased by 50.8 percent, to some US$ 5.7 billion (against about US$ 3.8 billion), driven by the increase in the following items: Tourism revenues to about US$ 2.7 billion (against US$ million), driven by the increase in the number of tourist nights to 28.2 million nights (against 9.2 million nights).

9 Central Bank of Egypt External Position 3 Government services receipts to US$ million (against US$ 62.5 million), due to the increase in the receipts from the Arab League expenses & the international organizations located in Egypt, and the expenses of the foreign embassies in Egypt. On the other hand, Transportation receipts decreased by 3.1 percent to about US$ 2.27 billion (against some US$ 2.34 billion), due to the fall in the receipts of Egyptian navigation companies. This came despite the rise in Suez Canal dues by 6.3 percent. Other services receipts decreased by 3.5 percent to US$ million (against US$ million), due to the fall in the fees of communication services, legal and consultation fees, and advertising & market research services. US$ bn Q1 Q2 Q3 Q4 Q1 Other Services Balance Tourism Services Balance Services Balance Chart (8): Service Balances 2016/ /2018 Government Services Balance Transportation Services Balance 1.2.2: Services payments rose by 20.3 percent, to about US$ 2.8 billion (against about US$ 2.4 billion), driven by the increase in the following items: Other services payments by 71.9 percent, to about US$ 1.4 billion (against US$ million), driven by the amounts transferred abroad by foreign petroleum companies, higher payments of computer services, subscription to magazines & newspapers, and communication services. Government services payments to US$ million (against US$ million). Transportation payments by 25.0 percent, to US$ million (against about US$ million), due to the rise in the amounts transferred by foreign aircraft and navigation companies. On the other hand, Travel payments fell by 41.3 percent to US$ million (against about US$ 1.1 billion), due to the decline in e-card payments by 62.3 percent to US$ million (against US$ million), as well as the decrease in pilgrimage (Hajj & Umrah) expenses. 1.3: Income Balance Investment income balance ran a deficit of US$ 1.5 billion in July/September 2017/18 (against some US$ 1.1 billion). This was an outcome of the rise of investment income payments to register about US$ 1.7 billion (against some US$ 1.2 billion), 51.6 percent of which were profit transfers by (oil and nonoil) foreign companies operating in Egypt, and the increase in investment income receipts to register US$ million (against US$ 81.6 million). US$ bn Chart (9): Income Balance Q1 Q2 Q3 Q4 Q1 Income Receipts Income Balance 2016/ /2018 Income Payments

10 Central Bank of Egypt External Position 4 1.4:Unrequited current transfers (Net) Unrequited current transfers (net) picked up by 37.3 percent, to register US$ 6.0 billion (versus US$ 4.4 billion), due mainly to the increase in net private transfers from US$ 4.3 billion to US$ 5.9 billion, supported by the increase in workers remittances by 37.2 percent. The net official transfers rose to US$ 43.1 million (from US$ 33.8 million). US$ bn Against this background, some of the external balance indicators changed as shown in chart (11). % Chart (10) : Remittances of Egyptians Working Abroad Q1 Q2 Q3 Q4 Q / /2018 Workers' Remittances 91.5 Current Receipts / Current Payments Remittances to GDP Chart (11): External Balance Indicators July / September Services Receipts / Services Payments 2016/ / Merchandise Exports / Merchandise Imports (%) Capital and Financial Account The capital and financial account recorded a net inflow of about US$ 6.2 billion in July/September 2017/18 (against some US$ 7.2 billion), as an outcome of: A- Total FDI inflows registered about US$ 3.0 billion (from US$ 3.4 billion), while total outflows recorded about US$ 1.4 billion (against about US$ 1.6 billion). Accordingly, net inflows of FDI in Egypt decreased to about US$ 1.6 billion (against about US$ 1.9 billion). It is worth mentioning that net inflows for oil sector investments increased by 84.2 percent, to post US$ million (against US$ million). The sectorial breakdown of total FDI inflows as depicted in chart (12) shows that the oil sector has the biggest share of 66.8 percent. The services sector came second, with 14.7 percent distributed as follows: the financial sector (5.5 percent), the real estate sector (3.2 percent), the communication and information technology (2.0 percent), tourism sector (0.3 percent), and other services sector (3.7 percent). The share of the manufacturing sector was 12.5 percent, the construction sector 1.0 percent, the agricultural sector 0.1 percent, and the remaining portion was acquired by undistributed sectors.

11 Central Bank of Egypt External Position 5 Chart (12): Total FDI in Egypt by Economic Sector July/September 2017/2018 Construction sector 1.0% Agriculture sector 0.1% Manufacturing sector 12.5% Undistributed sectors 4.9% Real Estate sector 3.2% Petroleum sector 66.8% Service sector 14.7% Financial sector 5.5% Tourism sector 0.3% Communication sector 2.0% Other Services 3.7% B- Portfolio investment in Egypt augmented to unfold, a net inflow of about US$ 7.5 billion (against a net outflow of US$ million). This was ascribed to the rise in foreigners' investments in Egyptian TBs, recording net purchases of some US$ 7.4 billion (against US$ 55.0 million). In addition, foreigners' investments on the Egyptian Exchange (EGX) rose to register net purchases of US$ 25.9 million (against net sales of US$ 63.3 million). C- Medium - and long-term loans and facilities achieved net disbursements of about US$ 1.2 billion (against US$ million). D- Short-term suppliers' credit realized net repayments of about US$ million (against net disbursements of about US$ million). E- Other assets and liabilities achieved a net outflow of US$ 3.6 billion (against a net inflow of US$ 4.8 billion). This came on the back of the rise in banks' foreign assets and foreign currency resources immediately after the liberalization of exchange rate. As such, banks' foreign assets rose by US$ 2.1 billion, and their foreign liabilities rose by only US$ million.

12 Section II International Investment Position (IIP)

13 Central Bank of Egypt External Position 7 International Investment Position (IIP) At end of September 2017* Egypt s IIP at end of September 2017, recorded net external liabilities (assets minus liabilities) of about US$ billion, up by 1.7 percent compared to end of June As such, Egypt s foreign assets represented about 36.1 percent of its foreign liabilities against about 33.6 percent at end of June US$ billion Chart (1) International Investment Position (IIP) End of Q4 Q1 Q2 Q Assets Liabilities Net IIP Source: Appendix I, table (2). Egypt's preliminary IIP data at end of September 2017, showed an increase in both Egypt's total assets and liabilities compared to the position at end of June 2017, to record net liabilities of about US$ billion versus US$ billion. Assets and Liabilities by Component: 1- Assets increased by 13.5 percent to reach about US$ 75.3 billion at end of September 2017, from about US$ 66.4 billion at end of June Reserve assets 47.6% Chart (2) Breakdown of Assets by Component Sept Direct investments abroad 9.8% Other investments 40.4% Portfolio investment assets 2.2% This increase was mainly due to the following developments: - Reserve assets increased by 17.1 percent to about US$ 35.9 billion. - Other investment assets increased by about 13.9 percent, to reach about US$ 30.4 billion. - Foreign direct investments increased by 0.7 percent to about US$ 7.3 billion. - Portfolio investments abroad decreased by 2.9 percent to about US$ 1.7 billion. * Released as of September 2009 according to SDDS requirements.

14 Central Bank of Egypt External Position 8 2- Liabilities increased by 5.7 percent to about US$ billion at end of September 2017, from about US$ billion at end of June Chart (3) Breakdown of Liabilities by Component Other investments 34.5% Portfolio investments 14.0% Sept Direct investments in Egypt 51.5% This increase was mainly due to the following developments: - Portfolio investments in Egypt increased by 36.5 percent to about US$ 29.2 billion. - Other investment liabilities increased by 2.6 percent to about US$ 71.8 billion. - FDI in Egypt increased by 1.5 percent to about US$ billion. Indicators: - Egypt s negative net IIP to GDP at end of September 2017 increased to about 59.6 percent, versus about 55.8 percent at end of June % Chart (4) Egypt's net IIP to GDP End of Q4 Q1 Q2 Q Net IIP / GDP - Assets to liabilities increased to about 36.1 percent at end of September 2017, from about 33.6 percent at end of June % Chart (5) Egypt's IIP Assets/Liabilities End of Q4 Q1 Q2 Q Assets / Liabilities

15 Section III External Liquidity

16 Central Bank of Egypt External Position 9 External Liquidity A-Net International Reserves (NIR) The remarkable improvements in the banking system's financial position by foreign currency led to the steady accumulation of foreign currency reserves through the formal channels. During July/September 2017/2018, NIR remained on the rise, increasing by US$ 5.2 billion (against US$ 2.0 billion in the corresponding period a year earlier) to reach US$ 36.5 billion, thus covering 7.4 months of merchandise imports at end of September (US$ bn) Chart (1): NIR & Months of Imports Covered (Balance at End of the Month) June 16 Sept. 16 June 17 Sept. 17 Foreign Currencies Loans to IMF Gold Reserves/Months of Imports (Month) During the Report s preparation, NIR reached US$ 37.0 billion at end of December End of June 2017 (US$ mn) Sept Net International Reserves (1-2) Gross Official Reserves Gold SDRs Foreign Currencies Loans to IMF Reserve Liabilities 2 2 Reserves/Months of Imports B- Net Foreign Assets of Banks (NFA) Banks' net foreign assets increased by around US$ 1.7 billion during July/September 2017/2018 (against a decline of US$ 1.4 billion in the corresponding period a year earlier). (US$ bn) Chart (2): Foreign Assets & Liabilities of Banks (End of the Month) Assets Liabilities The increase was an outcome of the rise in foreign currencies by about US$ 5.1 billion and in gold by US$ 0.1 billion June 16 Sept. 16 June 17 Sept. 17

17 Central Bank of Egypt External Position 10 Foreign currency deposits with banks decreased by 1.8 percent during the period concerned, reaching US$ 37.8 billion at end of September On the contrary, local currency deposits increased by 9.1 percent. As such, the ratio of foreign currency deposits to total deposits made up 25.3 percent at end of September (LE bn) Chart(3): Developments in Deposits by Local and Foreign Currencies (End of the Month) (%) June 16 Sept. 16 June 17 Sept. 17 Foreign Currency Deposits Local Currency Deposits Growth Rate of Foreign Currency Deposits Growth Rate of Local Currency Deposits

18 Section IV External Debt

19 Central Bank of Egypt External Position 11 External Debt External debt increased by US$ 1.8 billion (2.3 percent), to post about US$ 80.8 billion at end of September 2017 (compared with about US$ 79.0 billion at end of June 2017). This increase came as a result of the rise in net disbursements of loans and facilities by US$ 1.3 billion, alongside the depreciation of most currencies of borrowing versus the US dollar by US$ 0.5 billion. A- Breakdown by Maturity By original maturity, external debt reaffirmed its usual pattern of longterm external debt predominance at end of Sept Long-term external debt accounted for US$ 50.9 billion or 63.0 percent of the total, whereas medium-term external debt reached US$ 17.8 billion or 22.1 percent and short-term external debt accounted for the smallest portion of US$ 12.1billion or 14.9 percent. Short - term debt 14.9 % Medium -term debt 22.1 % chart (1) External Debt Structure by Original Maturity End of Sept Long - term debt 63.0 % By residual maturity 1, medium- and long-term external debt decreased, as it represented 66.6 percent of the total debt. In comparison, they accounted for 85.1 percent of the total by original maturity. Meanwhile, short-term debt showed an increase, as it represented 33.4 percent, compared to 14.9 percent classified by original maturity. External Debt by Residual Maturity at end of Sept (US$ million) 1. Short-term debt by original maturity Medium- & long-term debt maturing within one year External debt by residual maturity up to 1 year (1+2) Percentage to total external debt 33.4% Percentage to NIR 73.8% 4. Medium- & long-term debt by residual maturity Percentage to total external debt 66.6% 1 While the analytical presentation of external debt by original maturity is the norm recommended in the External Debt Statistics Guide, residual maturity presentation still draws significant attention. In other words, compilation of external debt statistics based on original maturity helps in understanding the nature of capital flows; while the remaining maturity provides a profile of debt service payments, especially those falling due in the near term, and of potential liquidity risks facing the economy. Short-term debt by residual maturity comprises all components of short-term debt with original maturity of up to one year, and the amounts falling due under medium- and longterm debt by original maturity within one year or less.

20 Central Bank of Egypt External Position 12 B- Breakdown by Type Medium- and long-term external debt accounted for 85.1 percent of total debt, of which: Rescheduled bilateral debt reached about US$ 4.0 billion or 5.0 percent of total debt. Other bilateral * debt amounted to about US$ 6.7 billion or 8.3 percent. Buyers' & suppliers' credit reached about US$ 7.2 billion or 8.9 percent of total debt. International and regional organizations' debt reached about US$ 23.4 billion or 29.0 percent of total debt. Government bonds and notes reached about US$ 9.0 billion or 11.1 percent of total debt at end of Sept These include: (i) US$ 1.0 billion of sovereign notes issued in April 2010 and falling due in 2020 & 2040, (ii) US$ 1.2 billion of the Global Medium-Term Notes (GMTN) issued in 2015 and falling due in June 2025; and (iii) US$ 6.8 billion of the Global Medium Term Notes programme issued in 2017 and falling due in 2022, 2027 & Long-term deposits that have been placed at the CBE by some Arab countries posted US$ 18.3 billion (22.6 percent of total debt). Non-guaranteed medium- and long-term debt of the private sector registered US$ million (about 0.2 percent of total debt). Short-term debt decreased by about US$ million to about US$ 12.1 billion or 14.9 percent of total debt. Rescheduled bilateral debt 5.0% Private sector (Nonguaranteed) 0.2% International & regional organizations 29.0% Chart (2) External Debt Structure End of Sept Long term Deposits 22.6% Short term debt 14.9% Suppliers' & buyers' Credits 8.9% Other bilateral debt 8.3% Egyptian bonds and notes 11.1% C- Breakdown by Currency Measuring the currency composition of Egypt's external debt is an important indicator that sheds light on the external debt exposure, arising from currency markets' volatility. A breakdown of the currency composition of external debt indicates that the US dollar is the main borrowing currency, with a relative importance of 68.1 percent of the total. This upward biased share of US dollar largely reflects the fact that there are other outstanding obligations in US dollar to creditors other than the USA (such as the African Development Bank (AfDB) and the International Bank for Reconstruction and Development (IBRD). Including the Liquidity Support Facility (LSF) from China Development Bank (CDB) to CBE.

21 Central Bank of Egypt External Position 13 Other important currencies accounted for 30.7 percent of the total debt, as follows: the Euro is the runner-up (13.2 percent), followed by the Special Drawing Rights * (8.4 percent, the Chinese Yuan (3.4 percent), the Kuwaiti dinar (2.9 percent), and the Japanese yen (2.8 percent). Chinese Yuan 3.4% SDRs 8.4% Kuwaiti dinar 2.9% Chart (3) External Debt Structure by Currencies End of Sept Euro 13.2% Japanese yen 2.8% Other currencies 1.2% D- Breakdown by Creditor US dollar 68.1% Distribution by creditor country indicates that 27.4 percent was owed to Arab countries (mainly Saudi Arabia, UAE, and Kuwait), and that 29.0 percent was owed to international organizations ** (mainly IBRD 9.5 percent, IMF 6.6 percent, ADF & AfDB 3.3 percent and EIB 2.8 percent). Meanwhile, 22.1 percent of Egypt's external debt with a value of US$ 17.8 billion came from six countries; namely Germany (8.3 percent), China (6.0 percent), Japan (2.7 percent), France (2.0 percent), USA (1.8 percent) and UK (1.3 percent). International & regional organizations 29.0% Chart (4) External Debt by Creditor End of Sept Arab countries 27.4% Egyptian bonds and notes 11.1% France 2.0% E- Breakdown by Debtor United Kingdom 1.3% USA 1.8% Japan 2.7% China 6.0% Germany Other 8.3% countries 10.4% The structure of Egypt s external debt by debtor reveals that the central and local government is the main debtor, with a share of US$ 36.3 billion at end of Sept Banks' external debt increased by US$ 0.5 billion to US$ 4.6 billion. - Other sectors' debt increased by US$ 0.3 billion to US$ 10.0 billion. - Monetary authority's external debt decreased by US$ 0.4 billion to US$ 29.9 billion at end of Sept (mainly due to the US$ 250 million repayment of Libya's deposit at the CBE). (US$ bn) Chart (5) External Debt by Debtor End of Sept Other sectors Monetary authority Banks Central & local government Including Egypt s allocation of SDRs by the IMF. International Monetary Fund (IMF), International Bank for Reconstruction and Development (IBRD), European Investment Bank (EIB), African Development Fund (ADF), and African Development Bank (AfDB).

22 Central Bank of Egypt External Position 14 F- External Debt Indicators* The ratio of short-term external debt to net international reserves decreased to 33.0 percent at end of Sept (from 40.7 percent at end of Sept. 2016). In addition, its ratio to total debt registered 14.9 percent (against 13.2 percent). As for the external debt in terms of international comparison, the debt is within manageable limits. Based on IMF classification **, comparing Egypt's key debt indicators with those of other regional country groups shows that: - Egypt's debt stock to GDP represented 36.2 percent at end of Sept (61.9 percent for Emerging and Developing Europe and 18.1 percent for Emerging and Developing Asia). - Egypt's short-term external debt to total external debt at end of Sept represented 14.9 percent (39.4 percent for Emerging and Developing Asia and 8.3 percent for Commonwealth of Independent States). - Egypt's debt-service ratio *** registered 15.7 percent during July/Sept. 2017/2018 (51.4 percent for Emerging and Developing Europe, and 28.6 percent for Sub-Saharan Africa). * For more indicators, refer to appendix I, table No. 6. ** Source: World & Regional Economic Outlook Reports, Oct. 2017, and CBE database. *** Debt-Service Ratio: The ratio of debt service (interest and principal payments due) during a year, expressed as a percentage of exports (typically of goods and services) for that year. This ratio is considered to be a key indicator of a country s debt burden. Debt service reached US$ 1.8 billion during July/Sept. 2017/2018 (US$ 1.2 billion for principal repayments and US$ 0.6 billion for interest payments) % % Chart (6) External Debt Indicators End of Sept Government External Debt / External Debt External Debt /GDP Short-term Debt / Net International Reserves Short-term Debt / Total External Debt During July / Sept. 2014/ / /2017 Debt Service / Current Receipts (including transfers) Debt Service / Exports of Goods and Services

23 Section V Exchange Rate Developments

24 Central Bank of Egypt External Position 15 Exchange Rate Developments The period covered by the Report has witnessed the liberalization of the Egyptian pound; a daring decision taken by CBE on 3 November 2016, with a view to giving banks more flexibility in pricing their currency trade operations, which aims to keep the hard cash within the official market and eliminate the parallel market. The decision comes in line with the economic reform program that enables the Egyptian economy to face current economic challenges, unleash its capabilities, and achieve the desired growth and operation rates, by combining and adapting to the present capabilities and utilizing the full range of Egypt s human, natural, and material resources. (i) Inter-bank Rate 1 : During July/September 2017/18, the exchange rates of foreign currencies depreciated against the Egyptian pound. The weighted average of the US dollar in the Egyptian inter-bank market depreciated by 2.4 percent to record EGP at the end of September 2017, (against EGP at end of June 2017). (ii) Market Rate: At end of September 2017, according to the foreign exchange market (buying price), most of the foreign currencies declined against the Egyptian pound. To illustrate, Swiss franc decreased by 3.4 percent, Japanese yen (100 yens) by 2.9 percent, US dollar; Saudi riyal; and UAE dirham by 2.4 percent each, Kuwaiti dinar by 2.1 percent and Chinese Yuan by 0.5 percent. Meanwhile the sterling pound increased by 2.1 percent and the Euro by 1.5 percent. EGP Chart (1) : Exchange Rate of USD & Euro against EGP (End of Period) Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 USD Interbank rate(average) Euro market rate(buying price) 2016/ /2018 USD market rate(buying price) 1 The inter-bank foreign exchange market was launched in Egypt in December 2004.

25 Section VI Statistics

26 Central Bank of Egypt External Position Appendix I Table Page I- Balance of Payments BOP Current Account BOP Capital and Financial Account (contd.). 20 II- International Investment Position (IIP) 2 21 III- Coordinated Portfolio Investment Survey (CPIS) 3 22 IV- External Liquidity NIR & NFA at Banks V- External Debt External Debt by Type External Debt Indicators. External Debt by Debtor. VI- Exchange Rate Developments Foreign Exchange Rates

27 Central Bank of Egypt - External Position 19 Table (1) Balance of Payments (US$ mn) July/September 2016/2017* 2017/2018* Trade Balance Exports** Petroleum Other Exports Imports** Petroleum Other Imports Services Balance Receipts Transportation of which: Suez Canal Travel Government receipts Other Payments Transportation Travel Government Expenditures Other Income Balance Income receipts Income payments of which: Interest paid Transfers (Net) Private Transfers (Net) of which: Workers' Remittances Official Transfers (Net) Current Account Balance

28 Central Bank of Egypt - External Position 20 (US$ mn) July/September 2016/2017* 2017/2018* Capital & Financial Account Capital Account Financial Account Direct Investment Abroad Direct Investment in Egypt (Net) Portfolio Investment Abroad (Net) Portfolio Investment in Egypt (Net) of which: Bonds Other Investment (Net) Net Borrowing M&L-Term Loans (Net) Drawings Repayments MT-Suppliers' Credit (Net) Drawings Repayments ST-Suppliers' Credit (Net) Other Assets Central Bank Banks Other Other Liabilities Central Bank Banks Net Errors & Omissions Overall Balance Change in CBE Reserve Assets,Increase(-) * Preliminary. ** Include free zones exports and imports. Table (1) Balance of Payments (contd.)

29 Central Bank of Egypt - External Position 21 Table (2) International Investment Position (IIP) (US$ millions) End of June 2017 September 2017* Assets Liabilities Assets Liabilities Total Direct investment Portfolio investments Equity security Debt security Other investments Trade credits General government Long-term Short-term Other sectors Long-term Short-term Loans Monetary authorities Use of Fund credit & loans from the Fund Other long-term Short-term General government Long-term Short-term Banks Long-term Short-term Other sectors Long-term Short-term Currency and deposits Monetary authorities Long-term Short-term General government Long-term Short-term Banks Long-term Short-term Other sectors Long-term Short-term Other assets / Liabilities Monetary authorities Long-term Short-term General government Banks Other sectors 4-Reserves assets * Preliminary.

30 Central Bank of Egypt - External Position 22 Table (3) Egypt's Coordinated Portofolio Investement Survey (CPIS) at end of September 2017 Breakdown of portfolio investment Assets by country of residence of the Issuers (US$ millions) Country of non-resident issuers Equities long-term debt securities short-term debt securities Total Bahamas Bahrain Canada China, P.R. Mainland France Germany Guernsey Holand India Indonesia Italy Japan Jordan Kuwait Lebanon Luxembourg Malaysia Malta Morocco Nigeria Saudi Arabia Singapore Spain Syrian Arab Republic Sudan Sweden Switzerland Tunisia Turkey United Arab Emirates United Kingdom United States International Organizations Total

31 Table (4) Net International Reserves & Net Foreign Assets at Banks (US$ mn) End of June 2015 Sept June 2016 Sept June 2017 Sept Net International Reserves (1-2) Gross Official Reserves Gold SDRs Foreign Currencies Loans to IMF Reserve Liabilities Central Bank of Egypt - External Position Banks' Net Foreign Assets Assets Liabilities

32 End of September Total External Debt* Medium & Long term debt : Rescheduled bilateral debt ** ODA Non-ODA Other bilateral debt Paris Club countries Other countries International & regional Organizations Suppliers' & buyers' credits Egyptian bonds and notes Long- term deposits Private sector debt (non-guaranteed) Short-term debt Deposits Other short-term facilities Source: Central Bank of Egypt. + Provisional ++ Liquidity Support Facility (LSF) has been moved to Other bilateral debt (other countries) instead of suppliers' & buyers' credit. * The difference from World Bank data is in short-term debt. ** According to the agreement signed with Paris Club countries on May 25, Table (5) External Debt by Type (US$ mn) Central Bank of Egypt - External Position 24

33 Table (6) External Debt Indicators July / September 2013/ / / / / External Debt /GDP*(at current market prices)% External Debt / Exports (G & S) (annually) % Short-term Debt / External Debt % Short-term Debt / Net International Reserves % Debt Service ** (Principal & Interest) (US$ mn.) Debt Service / Exports (G & S) % Debt Service / Current Receipts % Interest / Exports (G & S) % External Debt per capita (US$) Provisional * The GDP for the year ended in each quarter is calculated according to the quarterly data provided by the Ministry of planning, Monitoring and Adminstrative Reform. It is evaluated in US dollar according to the average exchange rate during the same period. ** includes interest payments on US dollar-denominated bonds and notes holding by nonresedents Central Bank of Egypt - External Position 25

34 Central Bank of Egypt - External Position 26 Table (7) External Debt by Debtor (US$ mn) End of June 2017 % September 2017 * % Change (-) % External Debt Total Medium- & Long-Term Total Short-Term (199.8) (1.6) Central & Local Government Medium- & Long-Term Bonds & Notes Loans Currency and Deposits Other Liabilities Short-Term Money Market Instruments Loans Currency and Deposits Other Liabilities Monetary Authority (396.8) (1.3) Medium- & Long-Term (253.5) (1.1) Bonds & Notes Loans (25.3) (1.1) Currency and Deposits (250.0) (1.3) Other Liabilities Short-Term (143.3) (1.8) Money Market Instruments Loans Currency and Deposits (149.0) 0.0 Other Liabilities Banks Medium- & Long-Term Loans Bonds & Notes Loans Currency and Deposits Other Liabilities Short-Term Loans Money Market Instruments Loans Currency and Deposits (55.9) (5.8) Other Liabilities Other Sectors Medium- & Long-Term Loans from Direct Investors Bonds & Notes Trade Credits Loans Currency and Deposits Other Liabilities Short-Term (284.4) (9.4) Loans from Direct Investors Money Market Instruments Trade Credits (284.4) (9.4) Loans Currency and Deposits Other Liabilities * Provisional.

35 Table (8) Foreign Exchange Rates (In LE per foreign currency unit ) End of June 2017 September 2017 First: Interbank Rates * Weighted average Second : Market Rates Buy Sell Buy Sell US Dollar Euro Pound Sterling Swiss Franc Japanese Yens Saudi Riyal Kuwaiti Dinar UAE Dirham Chinese Yuan Source: CBE daily exchange rates. * The interbank rates were launched on December 23, Central Bank of Egypt - External Position 27

36 Central Bank of Egypt External Position I- Outstanding External Debt Appendix II Table Outstanding Stock Outstanding Stock by Creditor Country Medium- and Long-Term Public & Publicly Guaranteed External Debt By Creditor: a. Paris Club Debt 3 35 (1) Rescheduled Debt 4 36 (2) Non-Rescheduled Debt b. Suppliers' Credit c. Non- Paris Club Debt d. Multilateral Institutions 8 41 e. Bonds & Notes f. Deposits Medium- and Long-Term Private Sector Non-Guaranteed External Debt by Creditor Country Short-Term External Debt II- Outstanding External Debt By Currency III- Disbursed and Undisbursed Amounts for Signed Loans & Deposits IV- Projected Medium- and Long-Term External Debt Service 1- External Debt Service Public and Publicly Guaranteed a- Paris Club Debt (1) Rescheduled Debt (2) Non-Rescheduled Debt b- Suppliers' Credit c- Non- Paris Club Debt d- Multilateral Institutions Sovereign Notes Global Medium Term Notes (GMTN) Global Medium Term Notes Programme Global Medium Term Notes Programme Global Medium Term Notes Programme Global Medium Term Notes Programme Global Medium Term Notes Programme Global Medium Term Notes Programme Medium- and Long-Term Deposits for Kuwait Medium- and Long-Term Deposits for Libya Medium- and Long-Term Deposits for Saudi Arabia Medium- and Long-Term Deposits for United Arab Emirates V- Projected Short-Term Debt VI- Exchange Rates of the Currencies of External Debt Versus US Dollar Page

37 Central Bank of Egypt - External Position 31 (US$ million) Total Debt Medium-and Long-Term Public & Publicly Guaranteed Debt 40, , , , A. Paris Club Debt 11, , , , Rescheduled Debt 7, , , , Non Rescheduled Debt 3, , , , B- Supplier's Credit C. Non-Paris Club Debt 2, , , , D. Multilateral Institutions 12, , , , (1) E. Bonds &Notes 6, , , , Guaranteed Notes 1, Sovereign Notes Saudi Bond Euro-Medium Term Notes ( E.M.T.N.) 3, , Global Medium Term Notes ( G.M.T.N.) (2) , , , Global Medium Term Notes Programme (3) , F. Deposits 9, , , , (4) 2- Medium and Long-Term Private Sector Non-Guaranteed Short-Term Debt 3, , , , Currency and Deposits (Non-Residents) , , , (5) Trade Credits 2, , , , Qatar Deposits Loans , , (6) Grand Total 44, , , , Using end of period exchange rate. (1) Includes US$ 4, million representing extended fund facility by IMF ( First Tranch amounted SDR 1, million, Second Tranch amounted SDR million) and US$ 1, million representing SDR allocation by IMF to its member countries, Egypt s share is SDR million. (2) Representing Global Medium Term Notes ( G.M.T.N.) with nominal value US$ 1500 million ( non-residents' subscriptions amounted US$ 1193 million ). (3) Representing Global Medium Term Notes Programme with nominal value US$ 7,000 million (non-residents' subscriptions amounted US$ 6, million). (4) Representing Saudi, Libya, United Arab Emirates & Kuwait deposits amounted to US$ 7600, 750, and 4000 million respectively. (5) Includes US$ million representing Chinese Currency Swap Arrangement. (6) Includes US$ 5,200 million representing African Export-Import Bank loans amounted US$ 3,200 million and Repo Transaction amounted US$ 2,000 million Figure 1-1 Table ( 1 ) Outstanding Stock as at End of September ( US$bn ) 85.5 External Debt Outstanding Stock as at End of September

38 Figure 1-2 Figure 1-2 Supplier's Credit 0.01% Non-Paris Club Debt 5.80% Deposits % Outstanding Stock as at End of September 2017 Short-Term Debt 14.94% Private Sector Non-Guaranteed 0.20% Bonds & Notes % Paris Club Debt % Multilateral Institutions 28.96% Central Bank of Egypt - External Position 32

39 Central Bank of Egypt - External Position 33 Creditor Countries Table ( 2 ) Outstanding Stock as at End of September (US$ million) (1) Total Debt Germany 3, , , , Japan 2, , , , China , , France 1, , , , United States 2, , , , Kuwait Italy United Arab Emirates Saudi Arabia Bahrain United Kingdom Spain Turkey 1, , Denmark Belgium Austria The Netherlands Canada Qatar Switzerland Finland Norway Sweden Australia Multilateral Institutions (2) 12, , , , Deposits, Bonds and Notes Deposits 9, , , , Saudi Arabia 3, , , , United Arab Emirates 2, , , , Kuwait 2, , , , Libya 2, , , Guaranteed Notes 1, Sovereign Notes Saudi Bond Euro-Medium Term Notes ( E.M.T.N.) Global Medium Term Notes ( G.M.T.N.) , , , Global Medium Term Notes Programme , Medium and Long-Term Private Sector Non-Guaranteed Short-Term Debt 3, , , , African Export - Import Bank , , Currency Swap Agreement (China) , REPO Transactions , Arab Trade Financing Program Others 3, , , , Grand Total 44, , , , (1) Using end of period exchange rate. (2) Includes US$ 4, million representing extended fund facility by IMF ( First Tranch amounted SDR 1, million, Second Tranch amounted SDR million) and US$ 1, million representing SDR allocation by IMF to its member countries, Egypt s share is SDR million.

40 Figure 2 Bonds &Notes 11.12% Japan 2.66% Outstanding Stock as at End of September 2017 Deposits 22.62% Germany 8.09% China 2.62% France 1.76% Multilateral Institutions 28.96% Others 7.23% Short-Term Debt 14.94% Central Bank of Egypt - External Position 34

41 Central Bank of Egypt - External Position 35 Table ( 3 ) (1) Medium and Long-Term Public & Publicly Guaranteed External Debt By Creditor Country Paris Club Debt Outstanding Stock as at End of September (US$ million) (2) Country Germany 3, , , , Japan 2, , , , France 1, , , , United States 2, , , , Italy United Kingdom Spain Denmark Belgium Austria The Netherlands Canada Switzerland Finland Norway Sweden Australia Grand Total 11, , , , (1) This table sums up tables 4 and 5. (2) Using end of period exchange rate. Figure 3 Total Debt Medium and Long-Term Public & Publicly Guaranteed External Debt Paris Club Debt Outstanding Stock as at End of September 20.0 ( US$bn )

42 Central Bank of Egypt - External Position 36 Table ( 4 ) Medium and Long-Term Public & Publicly Guaranteed External Debt By Creditor Country Paris Club Debt Rescheduled Debt Outstanding Stock as at End of September Country Total Debt (US$ million) (1) Germany 1, , , , Japan 1, , , , United States 1, , , , France 1, The Netherlands Spain Denmark Italy Canada Austria United Kingdom Switzerland Belgium Norway Sweden Australia Grand Total 7, , , , (1) Using end of period exchange rate. Figure 4 Medium and Long-Term Public & Publicly Guaranteed External Debt Paris Club Debt Rescheduled Debt Outstanding Stock as at End of September 15.0 ( US$bn )

43 Central Bank of Egypt - External Position 37 Table ( 5 ) Medium and Long-Term Public & Publicly Guaranteed External Debt By Creditor Country Paris Club Debt Non-Rescheduled Debt Outstanding Stock as at End of September Country (US$ million) (1) Total Debt Germany 1, , , , France , Japan , , Italy United States United Kingdom Spain Belgium Denmark Austria Switzerland Finland Sweden Grand Total 3, , , , (1) Using end of period exchange rate. Figure Medium and Long-Term Public & Publicly Guaranteed External Debt Paris Club Debt Non-Rescheduled Debt Outstanding Stock as at End of September ( US$bn )

44 Figure 5-2 Non Rescheduled Debt 69.49% Medium and Long-Term Public and Publicly Guaranteed External Debt Paris Club Debt Outstanding Stock as at End of September 2017 Rescheduled Debt 30.51% Central Bank of Egypt - External Position 38

45 Central Bank of Egypt - External Position 39 Table ( 6 ) Medium and Long-Term Public & Publicly Guaranteed External Debt By Creditor Country Supplier's Credit Outstanding Stock as at End of September (US$ million) (1) Total Debt Country Canada Italy Japan Grand Total (1) Using end of period exchange rate. Figure Medium and Long-Term Public &Publicly Guaranteed External Debt Supplier's Credit Outstanding Stock as at End of September ( US$mn )

46 Central Bank of Egypt - External Position 40 Table ( 7 ) Medium and Long-Term Public & Publicly Guaranteed External Debt By Creditor Country Non-Paris Club Debt Outstanding Stock as at End of September Country Total Debt (US$ million) (1) China , , {(2) Kuwait United Arab Emirates Saudi Arabia Bahrain Turkey 1, , Qatar Grand Total 2, , , , (1) Using end of period exchange rate. (2) Includes US$ 1000 million representing China facility agreement. Figure 7 5,000 4,000 Medium and Long-Term Public & Publicly Guaranteed External Debt Non-Paris Club Debt Outstanding Stock as at End of September ( US$mn ) 3,000 2,000 1,

47 Central Bank of Egypt - External Position 41 Table ( 8 ) Medium and Long-Term Public & Publicly Guaranteed External Debt Multilateral Institutions Outstanding Stock as at End of September Creditor (US$ million) (1) Total Debt IBRD 3, , , , IMF (2) 1, , , , African Development Bank 1, , , , European Investment Bank 1, , , , Arab Fund for Economic and Social Development 1, , , , African Export - Import Bank , Arab Monetary Fund IDA 1, Islamic Development Bank OPEC International Islamic Trade Finance Corporation African Development Fund European Bank For Reconstruction and Development International Fund for Agricultural Development Arab Petroleum Investments Corporation (APICORP) Clean Technology Fund Islamic Corporation for Development Arab Trade Financing Program Grand Total 12, , , , (1) Using end of period exchange rate. (2) Includes SDR allocations by IMF to its member countries; Egypt s share is SDR MN. Figure ,000 20,000 Medium and Long-Term Public & Publicly Guaranteed External Debt Multilateral Institutions Outstanding Stock as at End of September ( US$mn ) 15,000 10,000 5,

48 Figure 8-2 AMF 3.59% African Development Bank 10.66% Medium and Long-Term Public & Publicly Guaranteed External Debt Multilateral Institutions Outstanding Stock as at End of September IMF 22.70% I.D.A 3.24% IBRD 32.74% European Investment Bank 9.67% Arab Fund for Economic and Social Development 6.23% Others 4.64% Islamic Development Bank 2.15% African Export - Import Bank 4.38% Central Bank of Egypt - External Position 42

49 Central Bank of Egypt - External Position 43 Table ( 9) Bonds &Notes Outstanding Stock as at End of September Total Debt (US$ million) Global Medium Term Notes Programme , Global Medium Term Notes ( G.M.T.N.) , , , Sovereign Notes Saudi Bond Euro-Medium Term Notes ( E.M.T.N.) 3, , Guaranteed Notes 1, Grand Total 6, , , ,990.28

50 Central Bank of Egypt - External Position 44 Table ( 10 ) Medium and Long-Term Deposits Outstanding Stock as at End of September (US$ million) Country Total Debt Saudi Arabia 3, , , , United Arab Emirates 2, , , , Kuwait 2, , , , Libya 2, , , Grand Total 9, , , ,287.40

51 Central Bank of Egypt - External Position 45 Table ( 11 ) Medium and Long-Term Private Sector Non-Guaranteed External Debt By Creditor Country Outstanding Stock as at End of September Country Total Debt (US$ million) (1) Multilateral Institutions Bahrain Germany Luxembourg Grand Total (1) Using end of period exchange rate. Figure 9 Medium and Long-Term Private Sector Non-Guaranteed External Debt Outstanding Stock as at End of September ( US$mn )

52 Central Bank of Egypt - External Position 46 Table ( 12 ) Short-Term Debt Outstanding Stock as at End of September (US$ million) (1) Total Debt Short-Term Debt Loans , , Currency and Deposits (Non-Residents) , , , {(2) {(3) Trade Credits 2, , , , Qatar Deposits Grand Total 3, , , , (1) Using end of period exchange rate. (2) Includes US$ 5,200 million representing African Export-Import Bank loans amounted US$ 3,200 million and Repo Transaction amounted US$ 2,000 million. (3) Includes US$ 2, million representing Chinese Currency Swap Arrangement. Figure 10 14,000 Short-Term Debt Outstanding Stock as at End of September 12,000 10,000 ( US$mn ) 8,000 6,000 4,000 2,

53 Central Bank of Egypt - External Position 47 Table ( 13 ) Outstanding Stock as at End of September Currency Total Debt (US$ million) (*) US Dollar 28, , , , EURO 7, , , , Special Drawing Rights 2, , , , Chinese Yuan , Kuwaiti Dinar 2, , , , Japanese Yen 2, , , , Saudi Riyal Egyptian Pound Swiss Franc Danish Kroner Canadian Dollar U.A.E. Dirham British Pound Sterling Norwegian Kroner Swedish Kroner Australian Dollar Total 44, , , , (*) Using end of period exchange rate.

54 Central Bank of Egypt - External Position 48 Table ( 14 ) Medium and Long-Term Disbursed and Undisbursed Amounts for Signed Loans and Deposit from 1/10/2014 to 30/9/2017 Signed Amount Disbursed Undisbursed 1- Medium and Long-Term Public & Publicly Guaranteed Debt 38, , , A. Paris Club (Non-Rescheduled Debt) 7, , , B. Non-Paris Club Debt 5, , , C. Multilateral Institutions 13, , , D. Deposits 11, , Medium and Long-Term Private Sector Non-Guaranteed Debt Grand Total 38, , , (1) Using end of period exchange rate. Figure 12 16, , Medium and Long-Term Disbursed and Undisbursed Amounts for Signed Loans and Deposits from 1/10/2011 to 30/9/2017 (US$ million) (1) ( US$mn ) 12, , , , , , Signed Loans and Deposit Disbursed Undisbursed

55 Central Bank of Egypt - External Position 49 Period Principal Interest Total Period Principal Interest Total 2017/H2 (2) , /H /H1 (3) , /H /H2 (4) , /H /H1 (5) , /H /H2 (6) , /H /H1 (7) , /H /H , /H /H1 (8) , /H /H , /H1 (13) /H1 (9) , /H /H2 (10) , /H /H , /H /H , /H /H , /H /H , /H /H1 (11) , /H /H , /H /H , /H /H , /H /H1 (12) , /H /H , /H /H /H /H /H1 (14) , /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H Grand Total 67, (15) 16, (16) 83, (1) The exchange rate of September 30, (2) Includes US$ million deposits maturing (3) Includes US$ million deposits maturing (4) Includes US$ million deposits maturing (5) Includes US$ 2433 million deposits maturing (6) Includes US$ 3100 million deposits maturing (7) Includes US$ million sovereign notes & US$ 2435 million deposits maturing (8) Includes US$ million deposits maturing (9) Includes US$ million Global Medium Term Notes Programme maturing (10) Includes US$ million deposits maturing Table ( 15 ) Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service as of October 1, 2017 (11) Includes US$ million Global Medium Term Notes ( G.M.T.N.) maturing (12) Includes US$ million Global Medium Term Notes Programme maturing (13) Includes US$ million sovereign notes maturing (14) Includes US$ million Global Medium Term Notes Programme maturing (15) Excludes US$ million representing SDR allocation by IMF to its member countries, Egypt s share is SDR MN. (16) Includes US$ million representing forecast interest of SDR allocation. (US$ million) (1)

56 Figure 15 US$ mn 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Medium and Long-Term Public and Publicly Guaranteed External Debt Service as of October 1, 2017 Principal Interest Total Central Bank of Egypt - External Position 50

57 Central Bank of Egypt - External Position 51 (US$ million) (1) Period Principal Interest Total Period Principal Interest Total 2017/H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H Grand Total 13, , , (1) The exchange rate of September 30, Table ( 16 ) Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service Paris Club Debt as of October 1, 2017

58 Figure 16 US$ mn Medium and Long-Term Public and Publicly Guaranteed External Debt Service as of October 1, 2017 Paris Club Debt Principal Interest Total Central Bank of Egypt - External Position 52

59 Central Bank of Egypt - External Position 53 Table ( 17 ) Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service as of October 1, 2017 Paris Club Debt Rescheduled Debt (US$ million) (1) Period Principal Interest Total Period Principal Interest Total 2017/H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H Grand Total 4, , (1) The exchange rate of September 30, 2017.

60 Central Bank of Egypt - External Position 54 Period Principal Interest Total Period Principal Interest Total 2017/H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H Grand Total 9, , (1) The exchange rate of September 30, Table ( 18 ) Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service as of October 1, 2017 Paris Club Debt Non-Rescheduled Debt (US$ million) (1)

61 Central Bank of Egypt - External Position 55 Table ( 19 ) Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service Supplier's Credit as of October 1, 2017 (US$ million) (1) Period Principal Interest Total Period Principal Interest Total 2017/H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H Grand Total (1) The exchange rate of September 30, 2017.

62 Central Bank of Egypt - External Position 56 Table ( 20 ) Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service as of October 1, 2017 Non-Paris Club Debt (US$ million) (1) Period Principal Interest Total Period Principal Interest Total 2017/H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H Grand Total 4, , (1) The exchange rate of September 30, 2017.

63 Central Bank of Egypt - External Position 57 (US$ million) (1) Period Principal Interest Total Period Principal Interest Total 2017/H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H Grand Total 22, (2) 3, (3) 25, (1) The exchange rate of September 30, Table ( 21 ) Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service as of October 1, 2017 Multilateral Institutions (2) Excludes US$ 1, million representing SDR allocations by IMF to its member countries; Egypt s share is SDR MN. (3) Includes US$ million representing forecast interest of SDR allocation.

64 Figure 21 US$ mn Total Medium and Long-Term Public and Publicly Guaranteed External Debt Service Multilateral Institutions as of October 1, Principal Interest Total Central Bank of Egypt - External Position 58

65 Central Bank of Egypt - External Position 59 Period Principal Interest Total Period Principal Interest Total 2017/H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H Grand Total , (*) Consists of Two Notes Table ( 22 ) Projected Sovereign Notes (*) Debt Service as of October 1, 2017 The Sovereign Note Nominal Value Amounted US$ 1000 MM, Interest Rate is Fixed 5.75 % issued on 29/4/2010 and due on 29/4/2020. The Sovereign Note Nominal Value Amounted US$ 500 MM, Interest Rate is Fixed % issued on 30/4/2010 and due on 30/4/2040. (US$ million)

66 Central Bank of Egypt - External Position 60 Table ( 23 ) Projected Global Medium Term Notes (G.M.T.N.) (*) Debt Service as of October 1, 2017 (US$ million) Period Principal Interest Total 2017/H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H1 1, , Grand Total 1, , (*)The Projected Global Medium Term Notes (G.M.T.N.) Nominal Value Amounted US$ 1500 MM,The Applicable Interest Rate is Fixed : %, issued on 11/6/2015 and due on 11/6/2025.

67 Central Bank of Egypt - External Position 61 Table ( 24 ) Projected Global Medium Term Notes Programme (*) Debt Service as of October 1, 2017 Period Principal Interest Total (US$ million) 2018/H /H /H /H /H /H /H /H /H1 1, , Grand Total 1, , (*)The Global Medium Term Notes Programme Nominal Value Amounted US$ 1750 MM,The Applicable Interest Rate is Fixed : %, issued on 31/1/2017 and due on 31/1/2022.

68 Central Bank of Egypt - External Position 62 Table ( 25 ) Projected Global Medium Term Notes Programme (*) Debt Service as of October 1, 2017 (US$ million) Period Principal Interest Total 2018/H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H Grand Total , (*)The Global Medium Term Notes Programme Nominal Value Amounted US$ 1000 MM,The Applicable Interest Rate is Fixed : %, issued on 31/1/2017 and due on 31/1/2027.

69 Central Bank of Egypt - External Position 63 Table ( 26 ) Projected Global Medium Term Notes Programme (*) Debt Service as of October 1, 2017 (US$ million) Period Principal Interest Total 2018/H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H1 1, , Grand Total 1, , , (*)The Global Medium Term Notes Programme Nominal Value Amounted US$ 1250 MM,The Applicable Interest Rate is Fixed : %, issued on 31/1/2017 and due on 31/1/2047.

70 Central Bank of Egypt - External Position 64 Table ( 27 ) Projected Global Medium Term Notes Programme (*) Debt Service as of October 1, 2017 Period Principal Interest Total (US$ million) 2018/H /H /H /H /H /H /H /H /H Grand Total (*)The Global Medium Term Notes Programme Nominal Value Amounted US$ 750 MM,The Applicable Interest Rate is Fixed : %, issued on 31/5/2017 and due on 31/1/2022.

71 Central Bank of Egypt - External Position 65 Table ( 28 ) Projected Global Medium Term Notes Programme (*) Debt Service as of October 1, 2017 Period Principal Interest Total (US$ million) 2018/H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H1 1, , Grand Total 1, , (*)The Global Medium Term Notes Programme Nominal Value Amounted US$ 1000 MM,The Applicable Interest Rate is Fixed : %, issued on 31/5/2017 and due on 31/1/2027.

72 Central Bank of Egypt - External Position 66 Table ( 29 ) Projected Global Medium Term Notes Programme (*) Debt Service as of October 1, 2017 Period Principal Interest Total 2018/H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H /H1 1, , Grand Total 1, , , (*)The Global Medium Term Notes Programme Nominal Value Amounted US$ 1250 MM,The Applicable Interest Rate is Fixed : %, issued on 31/5/2017 and due on 31/1/2047. (US$ million)

73 Central Bank of Egypt - External Position 67 Table ( 30 ) Projected Medium and Long-Term Deposits for Kuwait as of October 1, 2017 Period Principal Interest Total (US$ million) 2017/H /H /H2 2, , /H /H /H Grand Total 4, (*) , (*) Consists of Two Deposits : The First Deposit Amounted US$ 2000 MM, Interest Rate is Libor 12 months deposited on 24/9/2013 and due on 24/9/2018 Paid on annual basis. The Second Deposit Amounted US$ 2000 MM, Interest Rate is Fixed 2.50 % deposited on 21/4/2015 and due on 21/4/2018, 21/4/2019 and 21/4/2020 (Three installments) Interest Paid on Semi-annual basis.

74 Central Bank of Egypt - External Position 68 Table ( 31 ) Projected Medium Term Deposits for Libya as of October 1, 2017 Period Principal Interest Total (US$ million) 2017/H /H Grand Total (*) (*) Amounted US$ 2000 MM, no Interest Rate, deposited on 12/4/2013 and due from 11/7/2016 up to 11/4/2018 Quarterly (Each quarter amount: US$ 250 MM).

75 Central Bank of Egypt - External Position 69 Table ( 32 ) Projected Medium and Long-Term Deposits for Saudi Arabia as of October 1, 2017 Period Principal Interest Total (US$ million) 2017/H /H /H2 2, , /H /H2 3, , /H Grand Total 7, (*) , (*) Consists of Five Deposits : The First Deposit Amounted US$ 1000 MM (Outstanding now is US$ 600 MM), Interest Rate is Libor 3 months deposited on 9/5/2012 and due from 9/11/2015 up to 9/5/2020 (Equal 10 semiannual installments, USD 100 MM). The Second Deposit Amounted US$ 2000 MM, no Interest Rate deposited on 19/7/2013 and due on 19/7/2018. The Third Deposit Amounted US$ 2000 MM, Interest Rate is Fixed 2.50 % deposited on 22/4/2015 and due on 22/4/2018, 22/4/2019 and 22/4/2020 (Three installments) Interest Paid on Semi-annual basis. The Fourth Deposit Amounted US$ 2000 MM, Interest Rate is Fixed 4.50 % deposited on 23/9/2016 and due on 1/7/2019 Interest Paid on Quarterly-annual basis. The Fifth Deposit Amounted US$ 1000 MM, Interest Rate is Fixed 4.50 % deposited on 16/5/2017 and due on 1/7/2019 Interest Paid on Quarterly-annual basis.

76 Central Bank of Egypt - External Position 70 Table ( 33 ) Projected Medium and Long-Term Deposits for United Arab Emirates as of October 1, 2017 (US$ million) Period Principal Interest Total 2017/H /H /H2 2, , /H1 1, , /H /H1 1, , /H /H /H /H /H Grand Total 5, (*) , (*) Consists of Four Deposits : The First Deposit Amounted US$ 2000 MM, no Interest Rate deposited on 17/7/2013 and due on 17/7/2018 The Second Deposit Amounted US$ 2000 MM, Interest Rate is Fixed 2.50 % deposited on 22/4/2015 and due on 22/4/2018, 22/4/2019 and 22/4/2020 (Three installments) Interest Paid on Semi-annual basis. The Third Deposit Amounted US$ 1000 MM, Interest Rate is Fixed 2.50 % deposited on 31/5/2016 and due on 30/5/2019, 30/5/2020 and 30/5/2021 (Three installments) Interest Paid on Semi-annual basis. The Fourth Deposit Amounted US$ 1000 MM (Outstanding is US$ MM), Interest Rate is Fixed 4.00 % deposited on 31/8/2016 and due on 31/8/2022 Interest Paid on monthly basis.

77 Central Bank of Egypt - External Position 71 Table ( 34 ) Projected Short-Term Debt Debt Service as of October 1, 2017 (US$ million) (1) Period Principal Interest Total October , , November , , December , , January February March April May June July August September Grand Total 12, , (1) The exchange rate of September 30, 2017.

78 Central Bank of Egypt - External Position 72 Table ( 35 ) Exchange Rates of the Currencies of External Debt Versus US Dollar as at End of September Country Currency United States USD Switzerland CHF Denmark DKK Egypt EGP Sweden SEK Japan JPY India INR United Kingdom GBP Canada CAD Australia AUD Norway NOK Euro EUR Special Drawing Rights SDR Kuwait KWD United Arab Emirates AED Saudi Arabia SAR Chinese Yuan CNY

79 Central Bank of Egypt External Position Appendix III Box Page I- Egypt's Subscription to SDDS and Data Quality Dimensions 1 75 II- Egypt's Data Quality Dimensions III- Doing Business in Egypt 3 77 IV- Tourism Sector Performance Glossary. 79

80 Central Bank of Egypt External Position 75 Box. (1): Egypt's Subscription to SDDS and Data Quality Dimensions: In 1996, the International Monetary Fund (IMF) introduced the Special Data Dissemination Standards (SDDS). The SDDS is intended to guide countries that have, or seek to have, access to international capital markets in their provision of economic and financial statistics. Subscription to SDDS is voluntary and it requires subscribers to observe the standard and provide information on data and dissemination practices (the metadata) to the IMF for redissemination. The standard identifies 4 dimensions of data dissemination: coverage, periodicity, and timeliness; access by the public; the integrity of the disseminated data; and the quality of the data themselves. In particular, the data dimension lists 18 data category, providing coverage for 4 sectors (real, financial, fiscal and external) of the economy and prescribes minimum timeliness and frequency standard, summarized in the table below. On January 31, 2005, Egypt became the 59th subscriber to the International Monetary Fund's Special Data Dissemination Standard (SDDS). The report of External Position contains external sector data that cover external debt, balance of payments, international reserves, merchandise trade, international investment position (IIP) and exchange rates. Such data are published in compliance with the requirement under Special Data Dissemination Standards (SDDS) of the IMF. Central Bank of Egypt compiles these statistics and disseminates them through press releases, its website, and at the same time, on the IMF's Dissemination Standard Bulletin Board (DSBB). Also, these data are included in the CBE main publications; quarterly Economic Review, Annual Report and Monthly Statistical Bulletin. As the title indicates, the most comprehensive and complete databases are those available from national sources, supplying high quality, timely and accurate data to international financial community to support investment activity. SDDS Data Categories and Related Periodicity & Timeliness Standards SDDS Data Category Periodicity Minimum Timeliness Real Sector National accounts Quarterly 1 Quarter Production indices Monthly 6 weeks Employment, unemployment, wage/earnings Quarterly 1 Quarter Consumer price index Monthly 1 Month Fiscal Sector General Government operations Annual 2 quarters Central Government operations Monthly 1 Month Central Government debt Quarterly 1 Quarter Financial Sector Analytical accounts of the banking sector Monthly 1 Month Analytical accounts of the Central Bank Monthly 2 weeks Interest rates and stock market Daily * No timeliness standard set External Sector Balance of payments Quarterly 1 Quarter International reserves Monthly 1 week Merchandise trade Monthly 8 weeks International Investment Position (IIP) Quarterly 1 quarter External debt Quarterly 1 Quarter Exchange rates Daily *No timeliness standard set Source: IMF's Statistics Department. 1

81 Central Bank of Egypt External Position 76 Box. (2):Egypt's Data Quality Dimensions*: According to international rating agencies, having an efficient, effective and reliable economic data, especially in developing countries, is becoming increasingly crucial to assign an appropriate sovereign credit rating. Thus, a lack of data in this area will automatically translate into a perception of high risk. Therefore, highlighting the dimensions of Egypt's data quality by showing the results of World Bank index (BBSC 2017) will be an appropriate way to show how reliable are the Egyptian official data. Egypt ranked 25 th on World Bank's Bulletin Board on Statistical Capacity index on 146 developing countries and 1st on the MENA and African regions, with an overall statistical capacity index of 83.3 points, compared to 87.8 in Statistical Capacity Indicator 2017 (on a scale of 0-100) Indicator Egypt All Countries Overall Methodology Source Data Periodicity & timeliness A country's statistical capacity means its ability to extract and publish reliable and timely statistical data, easily accessible by the public. The statistical capacity index, issued annually by the World Bank, consists of three sub-indicators which include; methodology, data sources, and its periodicity and timeliness. The latter measures the degree of information and data dissemination concerning changes in government policy, and how easily that information can be accessed by the public. It is worth mentioning that, aiming to improve the statistical capacity of 146 developing countries, the World Bank provides information on various aspects of national statistical systems through the BBSC indicator at its website. As can be seen from the table and its chart, Egypt s score outpaced the average score of all countries, either on the level of the overall index, or on the level of its three sub-indicators. * Source: bbsc.worldbank.org, accessed in November, 2017.

82 Central Bank of Egypt External Position 77 Box. (3): Doing Business in Egypt: One of the most important indices and reports that is closely related to investment climate and investor s decisions is Doing Business. The Report has been designed and issued by the World Bank Group on an annual basis since It provides objective measures of business regulations for firms in 190 economies worldwide. The 2018 ranking on the ease of doing business is built upon indicator sets that measure and benchmark regulations affecting 10 areas in a business s life cycle. Doing Business encompasses 2 types of data. The first is Legal scoring indicators that provides a measure of legal provisions in the laws and regulations. The other type is Time and motion indicators, which measures the efficiency and complexity in achieving a regulatory goal by recording the procedures, time and cost to complete a transaction according to all relevant regulations. By comparing business regulation environments across nations (the ease of doing business ranking) and over time (the distance to frontier score), Doing Business encourages countries to compete towards more efficient regulation; offers measurable benchmarks for reform; and serves as a resource for policymakers and other interested parties. Topic Rankings 2018 Rank 2017 Rank Change in Rank Overall index Distance to frontier score* Starting a Business Dealing with Construction Permits Getting Electricity Registering Property Getting Credit Protecting Investors Paying Taxes Trading Across Borders Enforcing Contracts Resolving Insolvency * The rankings are determined by sorting the aggregate distance to frontier scores on 10 topics. During 2016/2017, Egypt made starting a business easier by merging procedures at the one-stop shop and strengthened minority investor protections by increasing shareholder rights and role in major corporate decisions and by clarifying ownership and control structures. Area of Reform DB Year Reform Actions Starting a Business Dealing with Construction Permits It was made easier by reducing the paid-in minimum capital requirement by more 2009 than 80%, abolishing bar association fees, and automating tax registration The minimum capital required to start a business was removed Egypt reduced the cost to start a business. Egypt made starting a business easier by merging procedures at the one-stop shop 2017 by introducing a follow-up unit in charge of liaising with the tax and labor authority on behalf of the company. A new building code was introduced in 2008 aimed at reducing the procedures and 2009 time required to deal with construction permits by establishing a single window for processing construction-related approvals. Construction permits were made easier by issuing executive articles for the construction law and eliminating most pre-approvals for construction permits. Enforcing Contracts 2010 Contract enforcement was expedited with the creation of commercial courts. Getting Credit Registering Property 2009 Trading Across Borders Protecting Minority Investors Trading Across Borders Thanks to new regulations issued by the Central Bank, borrowers have the right to inspect their data in the private credit bureau. Access to credit information has expanded with the addition of retailers to the database of the private credit bureau. Simplified administrative procedures for registering property and new time limits have reduced the time to transfer property in Cairo from 193 days to 72. Alexandria port continued to upgrade its facilities and speed customs clearance, reducing the time to export by 1 day and the time to import by 3. Egypt made trading easier by introducing an electronic system for submitting export and import documents. New listing rules for the Cairo Stock Exchange strengthened protections for minority shareholders: now an independent body must assess transactions between interested parties before they are approved. Additional requirements have been introduced to strengthen minority investor protections; An approval of related-party transactions and greater requirements for disclosure of such transactions to the Egyptian Exchange by barring subsidiaries from acquiring shares issued by their parent company. by increasing shareholder rights and role in major corporate decisions and by 2017 clarifying ownership and control structures by increasing shareholder rights and role in major corporate decisions Source: accessed in November upgrading port facilities at Alexandria and speeding up customs clearance, while greater competition in the banking sector led to a reduction in the time to open a letter of credit. Egypt made trading easier by introducing an electronic system for submitting export and import documents.

83 Central Bank of Egypt External Position 78 Box. (4):Tourism Sector Performance: On Y-over-Y comparison, the tourism sector experienced a boom in activities during Q1 of 2017/2018, as it witnessed a sharp increase in all tourism indicators; tourism receipts, the number of tourist arrivals, and the number of tourist nights compared to the same period last year. (Lines 1, 2, and 5 in the table below). Ministry of Tourism figures show that a total of around 2,334 thousand tourists came from all over the world and spent 28,209 thousand nights in Q1 of 2017/2018, with an increase of 55.0 percent and percent, respectively, compared with the same period of the previous year. The 55.0 percent increase in tourist arrivals resulted from more visitors coming from European countries (76.8 percent of total increase). Meanwhile, there was an increase in the numbers coming from other regions as follows; Middle East region (12.5 percent), African countries (4.3 percent), Asia & the Pacific region (3.9 percent), and the Americas (2.4 percent). The average expenditure per night scaled up to US$ 95.6/night in Q1 of 2017/2018 from US$ 82.5 /night in the corresponding quarter a year earlier (line 7 in the following table). This increase was mainly attributed to the pick up in the number of tourist arrivals and the huge increase in number of tourist nights. Spurred by the increase in the number of tourist nights (206.9 percent), combined with the increasing effect of the average expenditure per night (15.9 percent), travel receipts' data in the balance of payments recorded an increase of US$ 1,938.5 million or percent to US$ 2,696.7 million in the first quarter 2017/18. During Q1 of 2017/2018, data shows that visitors stayed longer on average of 12.1 nights per person compared to 6.1 nights per person in the same period of the previous year (line 6). Moreover, African tourists headed the list in terms of the length of stay per visitor, with an average of (16.9 nights/visitor). The Americas and Middle East countries followed with 16.1 and 14 nights per visitor respectively then the European countries with 10.6 nights/visitor, followed by Asia & the Pacific region (10 nights/visitor). Indicators of Tourism Activity 2015/ / / / /18 Q1 Q1 Q4 Q1 1. Tourism Receipts (USD mn) 3, ,380 1, ,539 2, Stay-over Visitors (x 1.000) 6, ,623 2, , ,823 2, Market Shares (% of Tourist Arrivals) a. European Countries b. Middle East Countries c. African Countries d. The Americas e. Asia & the Pacific f. Other Countries Market Shares (% of Tourist Nights) a. European Countries b. Middle East Countries c. African Countries d. The Americas e. Asia & the Pacific f. Other Countries Visitor Nights (x 1.000) 51, ,897 23, , ,448 28, Average Nights Spent (per Visitor) Receipts per Visitor Nights (USD/night) Contribution to Current Receipts % Sources: CBE, MOT, and CAPMAS.