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

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

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

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 150 basis points (bps).

The Egyptian government aims to cut public debt to gross domestic product (GDP) rate to 82.5% by the end of June 2020 and 77.5% by the end of June 2022.