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CBE offers EGP 6.5bnT-bonds on Monday

CBE offers EGP 6.5bnT-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 6.5 billion on Monday on behalf of the Ministry of Finance.

The first tranche of the T-bonds is valued at EGP 3.5 billion and will be offered through five-year notes, while the second tranche stands at EGP 3 billion and will be offered through 10-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.

In May, Egypt secured a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI).

In June, 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.