Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 20.5 billion on Thursday on behalf of the Ministry of Finance.

The first tranche of the T-bills is offered through 182-day notes worth EGP 9.5 billion, while the second tranche is valued at EGP 11 billion and will be offered through 357-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.

In May, Egypt obtained 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.