Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 6.75 billion on Monday on behalf of the Ministry of Finance.

The first tranche stands at EGP 3.75 billion and will be offered through three-year notes, while the second tranche will be offered through seven-year notes valued at EGP 3 billion, the CBE said on its official website.

The issuance will be used to finance the country’s budget deficit. State-owned banks are the top holders of the government debt instruments.

The finance ministry previously announced that its aims to diversify its financing sources and expand into long-term financial instruments instead of short-term borrowing.

At the end of June 2019, the Egyptian government managed to cut public debt to gross domestic product (GDP) ratio to 90.5% from 98% a year earlier.