Cairo - Mubasher: The Central Bank of Egypt (CBE) will issue on Thursday treasury bills (T-bills) valued at EGP 21 billion, in coordination with the Egyptian Ministry of Finance, to fund the budget deficit.

The first tranche of T-bills will be offered through 182-day notes at EGP 9 billion, while the second offering will be through 357-day notes at EGP 12 billion, according to the CBE’s official website.

Government banks are the top purchasers of the government T-bills and bonds of different tenors.

Previously, the Ministry of Finance announced that it would decrease the accepted amounts of T-bills and bonds bids issued in local currency until the end of the current fiscal year.

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