Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bonds (T-bonds) worth EGP 3.75 billion on Monday on behalf of the Ministry of Finance (MoF).

The first tranche of the T-bonds will be offered through five-year notes amounting to EGP 2.25 billion, while the second tranche stands at EGP 1.5 billion and will be offered through ten-year notes, the CBE said via its official website.

The issuance will be used to finance the North African nation’s budget deficit.

It is noteworthy that on 26 September, the CBE decided to lower key interest rates by 100 basis points (bps).

The finance ministry previously revealed that it aims to diversify its financing sources and shift towards long-term debt instruments instead of short-term borrowing after reducing key interest rates.