The Central Bank of Egypt (CBE) initiated a repurchase transaction with a consortium of international banks worth USD2bn with a maturity of one year,’’ according to e-mailed statement. “This financing transaction was provided by the banks against the entire amount of newly issued Arab Republic of Egypt dollar-denominated sovereign bonds with maturities of Dec 2017, Nov 2024, and Nov 2028, held by the CBE”. “The transaction bolsters the liquidity and size of the international reserves”. The transaction provides the country with additional funds that were unaccounted for in our funding expectations and will, therefore, act as a cushion against additional funding needs in relation to the indefinite postponement of the Aramco deal. We note this transaction is not related to the planned Eurobonds planned to be issued within the coming few weeks.  (Bloomberg, Mohamed Abu Basha)