Cairo – Mubasher: The Central Bank of Egypt (CBE) is issuing treasury bonds (T-bonds) valued at EGP 6.5 billion today, in coordination with the Ministry of Finance (MoF).

The offering will be through two tranches, the first is three-year notes valued at EGP 3.5 billion, while the second tranche stands at EGP 3 billion seven-year notes, the CBE announced via its official website on Monday.

Proceeds from T-bonds are directed towards the country’s budget deficit. State-run banks remain the largest buyers of the government local debt instruments.

It is worthy to mention that by the end of last June, Egypt successfully decreased the public debt-to-GDP ratio to 90.5%, compared to 98% in the same period in 2018.

The Egyptian government expects that the debt-to-GDP ratio will continue to decline from 90% in fiscal year (FY) 2018/2019 to 83% during FY19/20.