Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 17 billion on Sunday on behalf of the Ministry of Finance (MoF).
The first tranche of the T-bills will be offered through 91-day notes at EGP 8.5 billion, while the second tranche amounts to EGP 8.5 billion and will be offered through 273-day notes, the CBE said via its official website.
The issuance will be used to finance the country's budget deficit, the CBE added.
Total foreign holdings of Egypt's sovereign debt instruments registered $17 billion at the end of May, board member of the Central Bank of Egypt (CBE) Fakhry El Fekki previously told Mubasher.
Egypt’s debt instruments are considered attractive to foreign investors owing to their high yield. State-run banks are the largest holders of the government’s debt instruments.
The North African state aims to cut debt-to-gross domestic product (GDP) ratio to 92% this year.
Additionally, the MoF previously revealed plans to finance the general budget deficit by EGP 511.2 billion in fiscal year 2018/2019.
Egypt aims to issue EGP 409.6 billion T-bills and EGP 101.6 billion bonds in FY18/19.
