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 valued at EGP 9.25 billion, while the second tranche stands at EGP 9.75 billion and will be offered through 364-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-owned banks are the largest holders of the government’s debt instruments.

The Egyptian government slashed debt to gross domestic product (GDP) to 90.5% by the end of last June from 98% in the same month a year earlier.