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Egypt issues EGP 18.5bn T-bills on Thursday

Egypt issues EGP 18.5bn T-bills on Thursday
The issuance will be used to finance the budget deficit

Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18.5 billion on Thursday on behalf of the Ministry of Finance (MoF).

The first tranche of the T-bills will be offered through 182-day notes at EGP 9 billion, while the second tranche amounts to EGP 9.5 billion and will be through 357-day notes, according to the CBE’s official website.

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

Foreign investments in Egyptian T-bills and T-bonds reached $15.8 billion at the end of February, the Egyptian finance minister said.

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

The MoF previously revealed plans to finance the general budget deficit of EGP 511.2 billion in fiscal year 2018/2019.