Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 19 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 266-day notes valued at 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 14 November, the CBE decided to lower interest rates by 100 basis points (bps), slashing the overnight deposit rate, the overnight lending rate, and the rate of the main operation to 12.25%, 13.25%, and 12.75%, respectively. 

The Egyptian government succeeded in cutting the public debt to the country’s gross domestic product (GDP) ratio to 90.5% at the end of last June from 98% in the same month a year earlier.