Reducing the cost of borrowing reduces the debt burden


An official source at the Central Bank revealed that reducing the cost of borrowing during the last period coinciding with the reduction of interest and increasing confidence in the economy contributes to reducing the cost of public debt burdens by 280 billion pounds annually.

The source said – in private statements yesterday Monday – that the cost of borrowing fell to levels lower than it was before the decision to liberalize the exchange rate, by about 7%, where the average cost of borrowing is currently 11.2% compared to more than 18% previously.

He explained that this significant decrease in the interest on borrowing will reflect positively on the state’s general budget and reduce the deficit, especially as the debt size exceeds 4 trillion pounds.

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