Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 9.5 billion on Monday on behalf of the Ministry of Finance.

The CBE will offer three-year notes valued at EGP 4 billion and EGP 4.5 billion worth of seven-year notes, according to the CBE’s official website.

In addition, the third tranche will be offered through 15-year notes worth EGP 1 billion.  

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

Earlier in November, the CBE’s Monetary Policy Committee (MPC) decided to cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 0.5% to 8.25%, 9.25%, and 8.75%, 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).