Meanwhile, Egypt's deputy finance minister said in remarks published on Monday that the central bank's decision to cut interest rates in August and September would save the state budget between 20 and 25 billion pounds ($ 1.23-1.54 billion) annually.
Ahmed Kjok told the Middle East News Agency (MENA) at a conference in Dubai that each full percentage point cut "saves the state budget … from eight to 10 billion pounds a year."
The central bank cut overnight deposit and lending rates by 1.5 percentage points on August 22, and then cut them by 26 percentage points on September 26. The lending rate is now 14.25 percent and the deposit is 13.25 percent.
"The rate cut will not affect the attractiveness of government debt instruments to foreign investors, which remain the most attractive given the low risk in the Egyptian economy," Kjok said.
Egypt, which funds a large part of the budget deficit through treasury bills, is about to end a three-year reform program agreed with the IMF in November 2016.
Total foreign investment in treasury bills jumped to $ 3.18 billion by the end of August from about $ 10 billion at the end of last year, the finance minister said.