Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 2.25 billion on Monday in coordination with the Ministry of Finance (MOF) to finance the budget deficit.
The first tranche of T-bills will be offered through five-year notes at EGP 1.25 billion, while the second offering will be through ten-year notes at EGP 1 billion, according to the CBE’s official website.
The Egyptian Ministry of Finance estimated the total budget deficit for fiscal year 2016/2017 at around EGP 319 billion, compared to an actual deficit of EGP 339 billion in the prior fiscal year.
Egyptian debt instruments are attracting a large number of foreign investors, especially Treasury bonds, as the return on bonds exceeded 20%.
