Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue EGP 19 billion worth of treasury bills (T-bills) on Sunday, in coordination with the Ministry of Finance (MoF).
The issuance will be offered through two tranches, 91-day bills worth EGP 9.25 billion and 266-day notes at EGP 9.75 billion, according to the CBE.
Debt instruments are used to bridge the budget deficit and Egyptian state-run banks remain the largest holder.
The CBE’s Monetary Policy Committee (MPC) decided on September 26 to cut interest rates by 100 basis points (bps), or 1%, as part of a new quantitative easing cycle.
Egypt successfully reduced the debt-to-GDP ratio to 90.5% by the end of last June, compared with 98% for the same period in 2018.
