Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 13.5 billion on Sunday on behalf of the Ministry of Finance.

The first tranche of the T-bills will be offered through 91-day notes valued at EGP 6.5 billion, while the second tranche is worth EGP 7 billion and will be offered through 273-day 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.

It is noteworthy to mention that on Thursday, the CBE's monetary policy committee (MPC) decided to leave interest rates on hold.

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).

On Friday, the IMF approved a 12-month stand-by arrangement (SBA) loan worth $5.2 billion for Egypt.

On Wednesday, the finance minister Mohamed Maait issued a decision to establish a unit at the Egyptian Tax Authority to follow up on the collection and supply of taxes on returns of T-bills and bonds.