Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills and bonds worth EGP 23.25 billion on Monday on behalf of the Ministry of Finance.

The first tranche of the T-bills will be offered through 91-day notes worth EGP 9.5 billion, while the second tranche amounts to EGP 10.5 billion and will be offered through 273-day notes, the CBE said on its official website.

In addition, the CBE will also offer 10-year T-bonds valued at EGP 3.25 billion.  

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

Earlier, the finance ministry revealed a possibility of accepting less bids for treasury bills and bonds denominated in the Egyptian pound until the end of fiscal year 2019/2020 after securing a $2.7 billion loan from the International Monetary Fund (IMF).

Banks were closed during the Eid holiday from Sunday, 24 March, until Thursday, 28 May.