Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 8 billion on Monday on behalf of the Ministry of Finance.

The first tranche of the T-bonds is valued at EGP 4 billion and will be offered through three-year notes, while the second tranche will be offered through seven-year notes worth EGP 3 billion, the CBE said on its official website.

In addition, the CBE will also offer 15-year notes worth EGP 1 billion.

The issuance will be used to finance the country’s budget deficit. State-owned banks are the top purchasers of the government debt instruments.

On Thursday, the CBE’s Monetary Policy Committee (MPC) decided to reduce the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 0.5% to 8.75%, 9.75%, and 9.25%, respectively.

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

In June, the Minister of Finance, 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.