Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 2.5 billion on Monday in coordination with the Ministry of Finance (MOF) to finance the budget deficit.

The first tranche of T-bills will be offered through three-year notes at EGP 1.5 billion, while the second offering will be through seven-year notes at EGP 1 billion, according to the CBE’s official website.

Egyptian debt instruments are attracting a large number of foreign investors, especially Treasury bonds, as the return on bonds exceeded 20%.

Hinging on the debt instruments has aggravated the cost of debt on the general budget to reach EGP 380 billion over the current fiscal year, compared to estimates of EGP 311 billion in the prior fiscal year.