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 amounts to EGP 3.75 billion and will be offered through five-year notes, while the second tranche will be offered through ten-year notes valued at EGP 3 billion, according to data on the CBE’s official website.
The issuance will be used to finance the country’s budget deficit. State-run banks are the top holders of the government debt instruments.
Previously, the finance ministry revealed plans to diversify its financing sources and expand into long-term debt instruments instead of short-term borrowing with the reduction in local interest rates.
At the end of June 2019, the Egyptian government cut public debt to gross domestic product (GDP) ratio to 90.5% form 98% at the end of June 2018.