Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 13.25 billion on Sunday in coordination with the Ministry of Finance (MOF) to finance the budget deficit.
The first tranche of T-bills will be offered through 91-day notes at EGP 6.5 billion, while the second offering will be through 273-day notes at EGP 6.75 billion, according to the CBE’s official website.
Egyptian debt instruments are attracting a large number of foreign investors, especially T-bills, as the return on bonds exceeded 20%.
Hinging on the debt instruments has aggravated the cost of debt on the general budget to reach EGP 380 billion over the coming fiscal year, compared to estimations of EGP 311 billion in the current fiscal year.
The government raised its forecast for the budget deficit to 10.9% of the gross domestic product (GDP) during the current fiscal year, while aiming to reduce it to 9% over the next year.
