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CBE offers EGP 14.5bn T-bills on Sunday

CBE offers EGP 14.5bn T-bills on Sunday
The issuance will be used to finance the country’s budget deficit.

Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer 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 266-day notes valued at EGP 10.5 billion, according to data published 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 announced plans to diversify its financing sources and expand into long-term debt instruments.

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