Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills and bonds worth EGP 25 billion on Monday on behalf of the Ministry of Finance.
The offering includes 91-day T-bills valued at EGP 8.5 billion and 266-day T-bills worth EGP 10.5 billion, the CBE said on its official website.
The CBE will also offer five-year T-bonds worth EGP 6 billion.
The issuance will be used to finance the country’s budget deficit. State-run banks are the top purchasers of the government debt instruments.
In September, the CBE’s Monetary Policy Committee (MPC) decided to reduce the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 0.5% to 8.75%, 9.75%, and 9.25%, respectively.
In June, the Minister of Finance, Mohamed Maait, issued a decision to establish a unit at the Egyptian Tax Authority to follow up on the collection and supply of taxes on returns of T-bills and bonds.
In May, Egypt secured a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI).
