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 (MoF).

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.

State-owned banks are the largest holders of the country’s public debt instruments.

The Egyptian government succeeded in slashing public debt to gross domestic product (GDP) ratio to 90.5% at the end of last June, compared to 98% a year earlier.

It is noteworthy that the CBE postponed its monetary policy committee’s (MPC) meeting on interest rates to 16 January from the scheduled date of 26 December.