November 2, 2017 / 9:14 AM / a month ago

Egypt spent more than $5.65 bln over-budget in 2016-17 due to currency float -sources

CAIRO, Nov 2 (Reuters) - Egypt spent over 100 billion Egyptian pounds ($5.65 billion) more than it planned to in the 2016-17 fiscal year due to its decision to float the pound currency, three government sources told Reuters on Thursday.

The government had earmarked 974 billion pounds for spending in the 2016-17 budget approved by parliament but spent over 100 billion more because of increases in fuel and wheat prices as well as higher interest payments due to the float. It will now seek parliamentary approval for the overspend, the sources aid.

The central bank floated the pound in November 2016. Egypt’s fiscal year runs from July 1 to June 30.

$1 = 17.6990 Egyptian pounds Reporting by Ehab Farouk; Writing by Ahmed Aboulenein; Editing by Gareth Jones

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