Cairo - Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 14.5 billion on Monday, in coordination with the Ministry of Finance, to finance the budget deficit.

The first tranche of the T-bonds will be issued through three-year notes valued at EGP 10 billion, while the second tranche worth EGP 1 billion will be offered with a maturity period of seven years, the CBE said on its official website.

The central bank will also offer 15-year notes worth EGP 500 million and 1.5-year notes worth EGP 3 billion.

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

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.