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

The first tranche of T-bills, which amounts to EGP 9.5 billion will be offered through 182-day notes, while the second tranche stands at EGP 9.5 billion and will be offered through 357-day notes, the CBE said via its official website.

Foreign holdings of Egyptian debt instruments recorded $20.1 billion at the end of July, board member of the Central Bank of Egypt (CBE) Fakhry Elfiky said.

From January to the end of July, foreign holdings of the North African nation’s debt instruments amounted to $7 billion, Elfiky previously told Mubasher.

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

It is noteworthy that state-run banks are the largest holders of debt instruments.

Egypt’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 seeks to further slash debt to GDP ratio to 82.5% at the end of June 2020 and 77.5% by the end of June 2022.