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Egypt C. bank offers EGP 7bn T-bonds on Monday

Egypt C. bank offers EGP 7bn T-bonds on Monday
The first tranche of the T-bonds amounts to EGP 3.75 billion

Cairo – Mubasher: The Central Bank of Egypt (CBE) on Monday offered treasury bonds (T-bonds) worth EGP 7 billion in coordination with the Ministry of Finance (MoF).

The first tranche of the T-bonds amounts to EGP 3.75 billion and will carry a maturity period of three years, while the second tranche will total EGP 3.25 billion for a period of seven years, CBE disclosed.

The Egyptian government borrows money through T-bills and bonds with different maturities, with state-run banks being the top buyers.  

It is worth noting that by the end of June 2019, Egypt reduced the government debt to gross domestic product (GDP) ratio to 90.5% when compared to 98% in the corresponding month in 2018.