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CBE issues EGP 3.75bn T-bonds on Monday

CBE issues EGP 3.75bn T-bonds on Monday
State-run banks are the largest holders of the country’s public debt instruments

Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bonds (T-bonds) worth EGP 3.75 billion on Monday on behalf of the Ministry of Finance to finance the country’s budget deficit.

The first tranche of the T-bonds amounts to EGP 2 billion and will be offered through five-year notes, while the second tranche will be offered through ten-year notes valued at EGP 1.75 billion, the CBE said via its official website.

It is noteworthy that state-run banks are the largest holders of the country’s public debt instruments.

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

At the end of last June, Egypt’s public debt to gross domestic product (GDP) ratio narrowed to 90.5% from 98% at the end of June 2018.