By Mostafa Adel
Cairo – Mubasher: Egypt's Ministry of Finance would issue treasury bills and bonds worth EGP 124.25 billion in November 2016, which is the highest monthly issuance ever, a Monday's statement revealed.
91, 182, 273 and 364-day T-bills will be issued at EGP 28 billion, 27.5 billion, 28.5 billion, 31 billion, respectively.
Meanwhile, treasury bonds will be issued at EGP 9.25 billion for five different maturities ranging from 18 months to 10 years, according to the statement.
Over the past period, yields on debt instruments saw a record rise with average interest price ranging from 14.594% to 17.419%.
"High yields undoubtedly increase the financing costs of private investments as well as the public budget burdens", said Alaa Samaha, Chairman of the Bank for Development and Agricultural Credit.
Accordingly, the Central Bank of Egypt is forecast to hike key interest rates in November's meeting in order to control soaring prices, Samaha told Mubasher.
The government earlier announced issuing EGP 324.5 billion in treasury bonds and bills in the second quarter of the current fiscal year, higher 15.3% year-on-year.
