The Central Bank of Egypt (CBE) auctioned on Thursday EGP7 billion in treasury bills.

182- day treasury bills were sold at a value of EGP 3 billion. Average yield amounted to 11.006%, while maximum and minimum yields reached 11.030% and 11.001% respectively. The issue was covered 3.1x.

Meanwhile, 364-day treasury bills were sold at a value of EGP 4 billion. Average yield amounted to 11.113%, while maximum and minimum yields amounted to 11.140% and 11.079% respectively. The issue was covered 3.65x.

The country’s budget deficit is expected to exceed EGP 240 billion by the end of the current fiscal year. It is financed through treasury bills and bonds, in addition to financial aid and loans from Arab and foreign countries.