Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue EGP 2.5 billion worth of treasury bonds (T-bonds) on Monday in collaboration with the Ministry of Finance (MoF) to finance the budget deficit.
The first and second tranches of the T-bonds are valued at EGP 1.25 billion each, and will be offered through five-year and ten-year notes, respectively, the CBE disclosed on its official website.
Egypt’s government is borrowing through the issue of treasury bills and bonds with different maturity dates, while local banks remain the top buyers.
Egypt seeks to cut its borrowing costs to the lowest rates as it relies on international bonds’ issuances instead of the country’s high-yield local debts.
Foreign investments in Egypt’s debt instruments amounted to EGP 20.1 billion by the end of July 2019, the CBE’s board member Fakhry Elfiky stated.
