Cairo – Mubasher: The Central Bank of Egypt (CBE) on Monday announced that it will issue EGP 2.5 billion treasury bills on behalf of the Finance Ministry to cover the budget deficit.
The bills will be issued in two tranches: 3-year EGP 1.5 billion tranche, and 7-year EGP 1 billion tranche, according to the CBE’s website.
Egypt’s debt instruments often see a large turnout from overseas investors, particularly in treasury bills on the back of their high yield, with state-run banks being the largest buyers.
Cost of Egypt's debt rose 30% to EGP 316.6 billion in the fiscal year ended June 2017, compared to EGP 243.6 billion in the prior year.
