Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18.75 billion on Thursday on behalf of the Ministry of Finance.

The first tranche of the T-bills amounts to EGP 9.25 billion and will be offered through 182-day notes, while the second tranche will be offered through 357-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.

A survey conducted by Mubasher showed that the most populous Arab nation has already started expanding into long-term debt instruments as previously planned.  

The Egyptian government slashed 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.