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CBE issues EGP 3.75bn T-bonds on Monday

CBE issues EGP 3.75bn T-bonds on Monday
Egypt aims to expand into long-term debt instruments

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.

The first tranche of the T-bonds will be offered through five-year notes valued at 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 14 November, the CBE decided to cut interest rates by 100 basis points (bps), lowering the overnight deposit rate, the overnight lending rate, and the rate of the main operation to 12.25%, 13.25%, and 12.75%, respectively.   

Previously, the finance ministry said it aims to diversify its financing sources, together with expanding into long-term debt instruments instead of short-term borrowing since it has started the monetary easing cycle.