Cairo – Mubasher: The Central Bank of Egypt (CBE) would issue EGP 10 billion in treasury bills on Sunday to fund budget deficit in coordination with the Ministry of Finance (MoF), according to the bank's press release.

The EGP10 billion will be offered through two auctions: a 91-day auction at a value of EGP4.75 billion and a 273-day auction at a value of EGP5.25 billion.

Earlier, the ministry expected budget deficit to reach EGP 319.46 billion in the country's public budget for the fiscal year 2016/17.

Moreover, it reported that budget deficit stood at EGP 191.6 billion (or 6.8% of gross domestic product) during July-January 2015/16.

In the fourth quarter of 2015/16, the central bank issued EGP 291.25 billion in treasury bills and bonds, up 17% year-over-year from EGP249 billion.