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CBE issues EGP 18.75bn T-bills on Sunday

CBE issues EGP 18.75bn T-bills on Sunday
Egypt slashed public debt to GDP ratio to 90.5% at the end of last June

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.

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 worth 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 on 26 September, the CBE decided to lower key interest rates by 100 basis points (bps), cutting the overnight deposit rate, the overnight lending rate, and the rate of the main operation to 13.25%, 14.25%, and 13.75%, respectively.

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