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

The first tranche of the T-bonds amounts to EGP 2 billion and will be offered through five-year notes, while the second tranche will be offered through ten-year notes valued at EGP 1.75 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 reduce key interest rates by 100 basis points (bps).

Previously, the Ministry of Finance said that it plans to diversify its financing sources and may shift towards long-term debt instruments instead of short-term borrowing after lowering interest rates.