Cairo – Mubasher: The Central Bank of Egypt (CBE) has issued 364-day $1 billion treasury bonds (T-bills) on Monday.

On 6 January, the CBE had sold US dollar-denominated T-bills worth $854.1 million at an average yield of 3.797%.  Egypt’s debt instruments, especially treasury 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 plans to issue EGP 146 billion in debt instruments in February 2019, coinciding with the recent drop in yields on T-bills and T-bonds.

The North African state aims to slash debt-to-gross domestic product (GDP) by 92% this year.

The MOF previously stated it aims to finance the general budget deficit of EGP 511.2 billion in fiscal year 2018/2019.

Egypt aims to issue EGP 409.6 billion T-bills and EGP 101.6 billion bonds in FY18/19.