By: Islam Fadl

Cairo – Mubasher: The Central Bank of Egypt (CBE) announced the sale of treasury bills (T-bills) worth EGP 19.501 billion on Sunday on behalf of the Ministry of Finance (MoF).

The sale included 266-day notes worth EGP 11.04 billion at a yield ranging between 15.45% and 15.792% after offering EGP 9.75 billion in 266-day notes.

The CBE also sold 91-day notes valued at EGP 8.455 billion at a yield ranging between 15.502% and 15.944%, after it had originally offered EGP 9 billion in 91-day notes, the CBE said via its official website.

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

The Egyptian government aims to slash public debt to gross domestic product (GDP) ratio to 82.5% by the end of June 2020 and 77.5% by the end of June 2022, compared to 90.5% at the end of last June and 98% at the end of the same month in 2018.