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CBE issues EGP 18.5bn T-bills Thursday

CBE issues EGP 18.5bn T-bills Thursday
State-run banks are the largest holders of the government’s debt instruments

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 9.25 billion, while the second tranche stands at EGP 9.25 billion and will be offered through 357-day notes, the CBE said via its official website.

The issuance will be used to finance the country's budget deficit, the CBE noted.

Previously, Egyptian finance minister Mohamed Maait revealed that total foreign holdings of Egypt's sovereign debt recorded $15.8 billion at the end of February. 

Egypt’s debt instruments are considered attractive to foreign investors owing to their high yield. State-run banks are the largest holders of the government’s debt instruments.