Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills worth EGP 2.5 billion on behalf of the Ministry of Finance (MoF) on Monday.
The new five-year issuance will be used to finance the budget deficit, the bank said on its official website.
The MoF said that the budget deficit amounted to EGP 191.6 billion in the fiscal year 2015-2016, representing 6.8% of gross domestic product.
The fiscal year for the Egyptian government begins on 1 July each year and ends in June the following year.
The government's total T-bill issuances amounted to EGP 291.25 billion in the fourth quarter of FY15-16.
