Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) valued at EGP 18.75 billion on Sunday on behalf of the Ministry of Finance (MoF).

The first tranche of the T-bills will be offered through 91-day notes worth EGP 9.25 billion, while the second tranche amounts to EGP 9.5 billion and will be offered through 273-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 on 26 September, the CBE decided to lower key interest rates by 100 basis points. 

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