Cairo – Mubasher: 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 (MoF).

The first tranche of the T-bills amounts to EGP 9 billion and will be offered through 91-day notes, while the second tranche will be offered through 266-day notes valued at EGP 9.75 billion, the CBE said via its official website.

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

It is noteworthy that the Egyptian government managed to cut public debt to gross domestic product (GDP) rate to 90.5% by the end of last June, compared to 98% in the same month a year earlier.