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CBE issues EGP 19.25bn T-bills on Thursday

CBE issues EGP 19.25bn T-bills on Thursday
The issuance will be used to finance the country’s budget deficit

Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 19.25 billion on Thursday on behalf of the Ministry of Finance.

The first tranche of the T-bills amounts to EGP 9.5 billion and will be offered through 182-day notes, while the second tranche will be offered through 364-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.

Previously, the Ministry of Finance revealed that it aims to diversify its financing sources and expand into local long-term financial instruments with the reduction in local interest rates.

The North African nation succeeded in slashing public debt to gross domestic product (GDP) ratio to 90.5% at the end of last June, compared to 98% at the end of June 2018.