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CBE offers EGP 23.5bn T-bills, bonds on Sunday

CBE offers EGP 23.5bn T-bills, bonds on Sunday
The issuance will be used to finance the country’s budget deficit

Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills and bonds worth EGP 23.5 billion on Sunday on behalf of the Ministry of Finance.

The first tranche of the T-bills amounts to EGP 9 billion and will be offered through 182-day notes, while the second tranche is valued at EGP 10.5 billion and will be offered through 364-day notes, the CBE said on its official website.

In addition, the CBE will also offer three-year T-bonds worth EGP 4 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.

Banks reopened on Sunday after being closed on Wednesday and Thursday, 1-2 July, to commemorate the country’s 30 June revolution.

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).