By: Islam Fadl
Cairo – Mubasher: The Central Bank of Egypt (CBE) announced the sale of treasury bills (T-bills) worth EGP 2.01 billion on Sunday on behalf of the Ministry of Finance (MoF).
The sale included 91-day notes valued at EGP 1.007 billion with a yield ranging between 16% and 16.599% as well as 273-day notes worth EGP 1.003 billion with a yield ranging between 16.149% and 16.530%, the CBE said via its official website.
The CBE originally aimed to sell 91-day and 273-day T-bills worth EGP 9.25 billion and EGP 9.5 billion, respectively.
The issuance will be used to finance the country’s budget deficit.
Egypt’s public debt to gross domestic product (GDP) ratio decreased to 90.5% at the end of June from 98% in the same month a year earlier.
The Egyptian government aims to further slash the country's debt to GDP ratio to 82.5% by the end of June 2020 and 77.5% by the end of June 2022.
