Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 16.75 billion on Sunday on behalf of the Ministry of Finance (MOF).
The first tranche of T-bills will be offered through 91-day notes at EGP 8.5 billion, while the second offering will be through 266-day notes at EGP 8.25 billion, according to the CBE’s official website.
The issuance will be used to finance the budget deficit, the CBE said.
Egypt’s debt instruments, especially T-bills, are attractive to foreign investors owing to their high yield. State-run banks are the largest holders of the government’s debt instruments.
Egypt aims to issue EGP 409.6 billion T-bills and EGP 101.6 billion bonds in fiscal year 2018/2019.
The CBE previously said that Egypt’s total foreign debt rose 2.3% quarter-on-quarter, or $1.8 billion, to $80.8 billion in the first quarter of FY17/18.