Cairo - Mubasher: The Central Bank of Egypt (CBE) will issue on Sunday treasury bills and bonds worth EGP 14 billion, in coordination with the ministry of finance (MoF) to support the country’s budget deficit.
The treasury bills will be issued through two tranches, 91-day bills at EGP 6.25 billion, and 273-day bills worth around EGP 6 billion.
Meanwhile, the EGP 1.75 treasury bills will also be issued through two tranches, three-year bonds worth EGP 1 billion, and seven-year bonds worth EGP 750 million, according to the central bank’s website.
The Egyptian finance ministry estimates the total budget deficit for the fiscal year 2016-2017 at around EGP 319 billion compared to an actual deficit of EGP 339 billion in the year before.
Monday’s auction has been moved to Sunday as it will be coinciding with Labour Day on 1 May.
The finance ministry aims at issuing debt instruments worth EGP 342 billion during the fourth quarter of fiscal year 2016-2017, the highest quarterly level ever, and with an increase of 17% compared to the same period the year before.
