Cairo-Mubasher: The Central Bank of Egypt (CBE) announced it would issue EGP 10.75 billion treasury bills, on behalf of the Ministry of Finance (MoF). The issuance will be used to finance the country’s budget deficit.
The CBE noted that the first offering will be EGP 4.75 billion for 182 days, while the second offering will be EGP 6 billion for 364 days.
Earlier, the MoF stated that Egypt’s budget deficit increased to EGP 191.6 billion in the fiscal year 2015/16, representing 6.8% of the gross domestic product (GDP) and is estimated to reach EGP 319.46 billion in FY16/17.
