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) to finance the budget deficit.

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

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

Total foreign investments in T-bills and bonds in the Egyptian market reached $15.8 billion by the end of February.

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.