Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18.5 billion on Sunday on behalf of the Ministry of Finance.

The first tranche of the T-bills amounts to EGP 9 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 Ministry of Finance previously revealed that it aims to diversify its financing sources and expand into local long-term financial instruments with the reduction in interest rates.

The Egyptian government succeeded in cutting public debt to the country’s gross domestic product (GDP) ratio to 90.5% at the end of June, compared to 98% at the end of June 2018.