Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 13.75 billion on Thursday in coordination with the Ministry of Finance (MOF) to finance the budget deficit.
The first tranche of T-bills will be offered through 182-day notes at EGP 6.75 billion, while the second offering will be through 357-day notes at EGP 7 billion, according to the CBE’s official website.
Egyptian debt instruments are attracting a large number of foreign investors, especially Treasury bonds, as the return on bonds exceeded 20%.
Cost of debt surged 30% to about EGP 316.6 billion in the fiscal year ended June 2017, compared to EGP 243.6 billion in the prior fiscal year.
Hinging on the debt instruments has aggravated the cost of debt on the general budget to reach EGP 380 billion in the current fiscal year, compared to estimations of EGP 311 billion in over past fiscal year.
