Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 12 billion on Monday on behalf of the Ministry of Finance.

The first tranche of the T-bonds will be offered through five-year notes valued at EGP 9.5 billion and the second tranche is worth EGP 2.5 billion and will be offered through seven-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 government debt instruments.

In August, the CBE’s Monetary Policy Committee (MPC) decided to leave interest rates unchanged for the sixth successive time.

In November 2020, the MPC cut the overnight deposit rate, the overnight lending rate, and the main operation rate by 0.5% to 8.25%, 9.25%, and 8.75%, respectively.

In May 2020, Egypt secured a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI).