Cairo – Mubasher: The Central Bank of Egypt (CBE) on Monday said it will issue treasury bonds worth EGP500 million, on behalf of the Ministry of Finance (MoF), to finance the budget deficit.
The first five-year tranche amounts to EGP250 million, while the second is worth EGP250 million for a 10-year period, the bank added in a statement.
The CBE also plans to issue one-year USD-denominated treasury bills amounting to $1.6 billion on Tuesday.
The Egyptian market is currently witnessing liquidity in the USD after receiving $2.75 billion as the first tranche of the International Monetary Fund's (IMF) loan and free floating the local currency.
Egypt's budget deficit reached 12.2% out of the gross domestic product (GDP) during the fiscal year 2015-2016.
