Egypt - Mubasher: Egypt’s gross domestic debt instruments will surge 95.97% year-on-year to EGP 121.5 billion in December 2017, compared to EGP 62 billion in the same period a year earlier, the finance ministry data showed.
In December, the Central Bank of Egypt (CBE), on behalf of the finance ministry, is scheduled to auction three 91-day treasury bills (T-bills) worth EGP 27 billion of each, and EGP 27 billion 182-day bills, bringing total T. bill auctions of the month to around EGP 111.5 billion.
While the value of 273-day and 364-day T-bills amounted to about EGP 28.75 billion of each, according to the ministry’s data.
In December, the finance ministry will also auction EGP 3 billion three-year, EGP 2.75 billion five-year, EGP 2 billion seven-year and EGP 2.25 billion 10-year treasury bonds (T. bonds), bringing the total T. bond issues to EGP 10 billion.
Egypt’s domestic debt instruments totaled EGP 371 billion in the first quarter of the fiscal year (FY) 2017/2018, compared to EGP 342 billion in fourth quarter of FY 2016/2017.
Relying on domestic debt instruments to plug the state budget deficit increased cost of public debt in the Egyptian budget to EGP 411 billion in the FY 2017/2018, up from EGP 316.6 billion in the previous FY.
