Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bonds (T-bonds) worth EGP 3.75 billion on Monday on behalf of the Ministry of Finance (MoF).
The first tranche of the T-bonds amounts to EGP 2 billion and will be offered through five-year notes, while the second tranche will be offered through ten-year notes valued at EGP 1.75 billion, the CBE said via its official website.
The issuance will be used to finance the country’s budget deficit.
The North African nation aims to cut public debt to gross domestic product (GDP) ratio to 82.5% by June 2020 and 77.5% by June 2022.
Previously, the Ministry of Finance revealed plans to diversify its financing sources and expand into local long-term financial instruments with the reduction in local interest rates.
