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.

The first tranche of the T-bills stands at 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. 

The finance ministry previously revealed that it aims to diversify its financing sources and expand into long-term debt instruments, instead of short-term borrowing.

Egypt’s public debt to gross domestic product (GDP) ratio narrowed to 90.5% at the end of last June, compared to 98% a year earlier.