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CBE sells EGP 15.4bn T-bills

CBE sells EGP 15.4bn T-bills
Egypt's debt to GDP ratio fell to 90.5% in June

Cairo – Mubasher: The Central Bank of Egypt (CBE) announced the sale of treasury bills (T-bills) worth EGP 15.46 billion on behalf of the Ministry of Finance (MoF).

The CBE sold 91-day T-bills worth EGP 5.96 billion with a yield ranging between 17% and 17.98% after offering 91-day T-bills valued at EGP 9.25 billion, the CBE said via its official website on Sunday.

The sale also included 273-day T-bills worth EGP 9.5 billion with a yield ranging between 17.75% and 17.93%.

The issuance will be used to finance the North African nation’s budget deficit. State-owned banks are the largest holders of the government’s debt instruments.

The most populous Arab nation’s public debt to gross domestic product (GDP) ratio fell to 90.5% at the end of June from 98% a year earlier.

The Egyptian government aims to further lower the country's debt to GDP ratio to 82.5% by the end of June 2020 and 77.5% by the end of June 2022.