Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 14.5 billion on Sunday on behalf of the Ministry of Finance.
The first tranche of the T-bills will be offered through 91-day notes valued at EGP 4 billion, while the second tranche amounts to EGP 10.5 billion and will be offered through 266-day notes, according to data published on the CBE’s official website.
The issuance will be used to finance the country’s budget deficit.
Previously, the finance ministry revealed that it aims to diversify its financing sources and expand into long-term financial instruments instead of short-term borrowing.
Egypt managed to cut public debt to gross domestic product (GDP) ratio to 90.5% at the end of June 2019 from 98% a year earlier.
