Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 17 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 5 billion, while the second tranche is worth EGP 5.5 billion and will be offered through three-year notes, the CBE said on its official website.

In addition, the CBE will offer seven-year T-bonds worth EGP 6.5 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.

In December 2020, the CBE’s Monetary Policy Committee (MPC) decided to keep the overnight deposit rate, the overnight lending rate, and the rate of the main unchanged at 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).