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CBE issues EGP 7.5bn treasury bills to finance deficit

CBE issues EGP 7.5bn treasury bills to finance deficit
The Central Bank of Egypt - Archive photo

Cairo – Mubasher:  The Central Bank of Egypt (CBE) announced that it will issue treasury bills worth EGP 7.5 billion on behalf of the Ministry of Finance to modestly help wipe out the country’s widened budget deficit.

CBE noted that the first offering is estimated at EGP 3 billion and will last for 91 days, while the second offering stands at EGP 4.5 billion with 266 days maturity period.

The finance ministry said that the budget deficit in the period between July 2015 to October 2016 reached EGP 96.7 billion, equivalent to 3.4% of the of the gross domestic product, compared to 3.5% in the same period a year earlier.