Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 9.25 billion on Monday on behalf of the Ministry of Finance.
The first tranche of the T- bonds is valued at EGP 1.25 billion and will be offered through two-year notes and the second tranche is worth EGP 4.5 billion and will be offered through three-year notes, while the third tranche will be offered through seven-year notes worth EGP 3.5 billion, the CBE said on its official website.
The issuance will be used to finance the country’s budget deficit. State-run banks are the top purchasers of the government debt instruments.
On Thursday, 13 August, the CBE’s Monetary Policy Committee (MPC) decided to keep interest rates on hold.
The MPC maintained the overnight deposit rate at 9.25%, the overnight lending rate at 10.25%, the rate of the main operation at 9.75%, and the discount rate at 9.75%.
In May, Egypt obtained a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI).
In June, the finance minister 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.
