Cairo – Mubahser: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18.75 billion on Sunday on behalf of the Ministry of Finance.

The first tranche of the T-bills will be offered through 91-day notes valued at EGP 9.25 billion, while the second tranche stands at EGP 9.5 billion and will be offered through 273-day notes, the CBE said via its official website.

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

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

In August, the CBE’s Monetary Policy Committee (MPC) decided to lower the current interest rates by 1.5%.

At the end of July, foreign holdings of Egyptian debt instruments reached $20.1 billion, board member of the CBE Fakhry El Fekki revealed.

The Egyptian government seeks to slash debt to gross domestic product (GDP) ratio to 82.5% at the end of June 2020 and 77.5% by the end of June 2022.