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 to finance the country’s budget deficit.

The first tranche amounts to 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.

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

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

Previously, the finance ministry said that its aims to expand into long-term debt instruments instead of short-term borrowing with the reduction in interest rates.