Cairo – Mubasher: The Central Bank of Egypt (CBE) sold treasury bills (T-bills) worth EGP 7.24 billion less than the EGP 14.5 billion of T-bills offered in an auction. 

The sale included 91-day notes for EGP 45.45 million at an average yield of 12.981% and 273-day notes for EGP 7.204 billion at an average yield of 14.445%, according to a data released on Sunday.

The CBE received 90 orders for 91-day notes valued at EGP 2.61 billion at an average yield of 14.350% and 279 orders for 273-day notes worth EGP 20.56 billion at an average yield of 14.615%.

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

Previously, the Ministry of Finance announced plans to diversify its financing sources and expand into long-term debt instruments instead of short-term borrowing.