Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) valued at EGP 19 billion on Thursday on behalf of the Ministry of Finance (MoF).

The first tranche of the T-bills, amounting to EGP 9.25 billion, will be offered through 182-day notes, while the second tranche is valued at EGP 9.75 billion and will be offered through 364-day notes, according to data published on the CBE’s official website.

The issuance will be used to finance the country’s budget deficit, the CBE said.

At the end of May, total foreign holdings of Egypt's sovereign debt instruments stood at $17 billion, board member of the CBE Fakhry El Fekki previously told Mubasher.      

In mid-June, net foreign investments in Egypt’s public debt instruments amounted to $19.2 billion, deputy finance minister Ahmed Kouchouk told Reuters.  

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.