Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 14.5 billion on Sunday on behalf of the Ministry of Finance to finance the country’s budget deficit.

The first tranche stands at EGP 4 billion and will be offered through 91-day notes, while the second tranche will be offered through 266-day notes valued at EGP 10.5 billion, the CBE said on its official website.

State-run banks are the largest holders of the government debt instruments.

Previously, the finance ministry announced plans to diversify financing sources and expand into long-term financing instruments instead of short-term borrowing.

The Egyptian government managed to lower public debt to gross domestic product (GDP) ratio to 90.5% at the end of June 2019, compared to 98% at the end of June 2018.