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CBE issues EGP 2.5bn T-bonds on Monday

CBE issues EGP 2.5bn T-bonds on Monday
State-run banks are the largest holders of the government's debt instruments

Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bonds (T-bonds) valued at EGP 2.5 billion on Monday on behalf of the Ministry of Finance.

The first tranche of the T-bonds stands at EGP 1.25 billion and will be offered through three-year notes, while the second tranche will be offered through seven-year notes worth EGP 1.25 billion, the CBE said via its official website.

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

State-run banks are the largest holders of the government's debt instruments. 

In August, the CBE’s Monetary Policy Committee (MPC) slashed interest rates by 1.5%.

It is noteworthy that the Egyptian government aims to reduce the country’s public debt to gross domestic product (GDP) rate to 82.5% by the end of June 2020 and to 77.5% by the end of June 2022.