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

The first tranche of the T-bills amounts to EGP 9.25 billion and will be offered through 91-day notes, while the second tranche will be offered through 273-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, the CBE noted.

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

The finance ministry previously revealed plans to diversify its financing sources and shift towards long-term debt instruments instead of short-term borrowing since it has started the monetary easing cycle.