Cairo-Mubasher: The Central Bank of Egypt (CBE) will issue on Sunday, in coordination with the Ministry of Finance (MoF), treasury bills worth EGP 11.25 billion to support the country's budget deficit.
The treasury bills will be issued through two tranches, 91-day bills at EGP 5.75 billion and 266-day bills worth EGP 5.5 billion, according to the central bank’s website.
The Egyptian finance ministry says the total budget deficit for the fiscal year 2015-2016 is around EGP 319.46 billion.
CBE decided on Thursday to float the exchange rate system to control any manipulation in the local currency market. The Egyptian pound exchange rate against foreign currencies will be thus decided according to the market's supply and demand mechanisms.
