Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) and treasury bonds (T-bonds) worth a combined EGP 19.25 billion on Sunday on behalf of the Ministry of Finance (MOF).

The bank will issue T-bills worth around EGP 18 billion through 91-day notes at EGP 9.5 billion and 266-day notes worth EGP 8.5 billion, data by the CBE showed.

In the same vein, the CBE will issue T-bonds at a value of EGP 1.25 billion through five-year bonds worth EGP 750 million and 10-year bonds worth EGP 500 million, according to data.

It is worth noting that Sunday, 7 October, was an official holiday at national banks for the occasion of 6th of October victory.

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

Egypt’s debt instruments, particularly 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.

Egypt aims to issue EGP 409.6 billion T-bills and EGP 101.6 billion bonds in fiscal year 2018/2019.

The CBE previously said that Egypt’s total foreign debt rose 2.3% quarter-on-quarter, or by $1.8 billion, to $80.8 billion in the first quarter of FY17/18.