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 amounts to EGP 9.5 billion and will be offered through 182-day notes, while the second tranche will be offered through 357-day notes valued at EGP 9.5 billion, the CBE said via its official website.

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

On 26 September, the CBE slashed key interest rates by 100 basis points (bps), lowering the overnight deposit rate and the overnight lending rate to 13.25% and 14.25%, respectively.

The Egyptian government managed to cut public debt to gross domestic product (GDP) ratio to 90.5% at the end of last June, compared to 98% a year earlier.