Cairo - Mubasher: The Central Bank of Egypt (CBE) will issue on Monday EGP 9 billion treasury bonds (T-bonds), in coordination with the Ministry of Finance (MoF), to finance the budget deficit.

The first tranche valued at EGP 7 billion will be offered through two-year notes, while the second tranche of five-year notes stands at EGP 1.25 billion, the CBE announced via its official website.

The central bank will also issue 10-year notes worth EGP 750 million.

State-run banks are the top purchasers of government debt instruments.

It is noteworthy to mention that in November 2020, the CBE’s Monetary Policy Committee (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.