Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 20.5 billion on Thursday on behalf of the Ministry of Finance.

The first tranche of the T-bills will be offered through 182-day notes valued at EGP 10 billion, while the second tranche amounts to EGP 10.5 billion and will be offered through 357-day notes, according to data released by the CBE.

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

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

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