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 the T-bills will be offered through 182-day notes worth EGP 9.5 billion, while the second tranche amounts to EGP 9.5 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.  

It is noteworthy that the average yield on the first T-bills issued after the CBE’s decision to cut interest rates reached 16.44%, compared to 17.9% in the prior auction of the T-bills with the same maturity.

The Egyptian government slashed public debt to gross domestic product (GDP) ratio to 90.5% at the end of June, compared to 98% at the end of the same month a year earlier.