Cairo – Mubasher: The Central Bank of Egypt (CBE) on Wednesday will issue treasury bills (T-bills) worth EGP 13.75 billion in coordination with the Ministry of Finance (MOF) to finance the country’s budget deficit.
The first tranche will be offered through 182-day T-bills at EGP 6.75 billion, while the second offering will be through 358-day T-bills at EGP 7 billion, according to the CBE’s official website.
The CBE announced that Thursday, 5 October will be an official holiday for the occasion of 6th of October Victory.
Egyptian debt instruments are attracting a large number of foreign investors, especially T-bills, as the return on bonds exceeded 20%.
Hinging on the debt instruments has aggravated the cost of debt on the general budget to reach EGP 380 billion over the current fiscal year, compared to estimations of EGP 311 billion in the prior fiscal year.
The government raised its forecast for the budget deficit to 10.9% of the gross domestic product (GDP) during the current fiscal year, while aiming to reduce it to 9% over the next year.
