Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 19 billion on Sunday on behalf of the Ministry of Finance.

The offering includes 91-day notes valued at EGP 8 billion and 273-day notes worth EGP 11 billion, 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).