Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18 billion on Thursday on behalf of the Ministry of Finance (MOF).
The first tranche of T-bills will be offered through 182-day notes at EGP 8.75 billion, while the second offering will be through 364-day notes at EGP 9.25 billion, according to the CBE’s official website.
The issuance will be used to finance the budget deficit, the CBE said.
Egypt has borrowed around EGP 1.858 trillion ($103 billion) from local banks in 2018 through the issuance of government debt instruments, according to a survey by Mubasher.
Egypt’s debt instruments, especially T-bills, are attractive to foreign investors owing to their high yield. State-run banks are the largest holders of the government’s debt instruments.
Egypt aims to issue EGP 409.6 billion T-bills and EGP 101.6 billion bonds in fiscal year 2018/2019.
The CBE previously said that Egypt’s total foreign debt rose 2.3% quarter-on-quarter, or $1.8 billion, to $80.8 billion in the first quarter of FY17/18.
