Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 11.5 billion on Monday on behalf of the Ministry of Finance.

The first tranche of the T-bonds will be offered through two-year notes valued at EGP 3 billion, while the second tranche is worth EGP 5 billion and will be offered through five-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 September, 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 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.

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