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.

The first tranche of the T-bills amounts to EGP 4 billion and will be offered through 91-day notes, while the second tranche will be offered through 273-day notes valued at EGP 10.5 billion, the CBE said on its official website.

The issuance will be used to finance the country’s budget deficit. State-run banks are the largest holders of the public debt instruments.

The finance ministry previously revealed that it plans to diversify its financing sources and expand into long-term financial instruments.

The Egyptian government slashed 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.