Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 15.75 billion on Sunday on behalf of the Ministry of Finance (MOF).

The first tranche of T-bills will be offered through 91-day notes at EGP 7.75 billion, while the second offering will be through 266-day notes at EGP 8 billion, according to the CBE’s official website.

The MOF plans to issue T-bills and bonds worth EGP 166.5 billion in May 2018, versus an estimate of EGP 132.5 billion last April.

The issuance will be used to finance the budget deficit, the CBE said.

Egypt’s debt instruments, especially T-bills, are attractive to foreign investors owing to their high yield.

State-run banks are the largest holders of the government’s debt instruments.

The MOF posted a 51% year-on-year surge in T-bill issues for the second quarter of fiscal year 2017/2018, recent data showed.