Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 6.5 billion on Monday on behalf of the Ministry of Finance.

The first tranche of the T-bonds will be offered through five-year notes valued at EGP 3.5 billion, while the second tranche stands at EGP 3 billion and will be offered through ten-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).

Moreover, Egypt reached a staff-level agreement with the IMF on a $5.2 billion standby loan.