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CBE offers EGP 7bn T-bonds on Monday

CBE offers EGP 7bn T-bonds on Monday
The issuance will be used to finance the country’s budget deficit

Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 7 billion on Monday on behalf of the Ministry of Finance.

The first tranche of the T-bonds will be offered through three-year notes worth EGP 3.75 billion, while the second tranche amounts to EGP 3.25 billion and will be offered through seven-year notes, the CBE said on its official website.

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) under the rapid financing instrument (RFI).