Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 20.5 billion on Thursday on behalf of the Ministry of Finance.
The first tranche of the T-bills amounts to EGP 10 billion and will be offered through 182-day notes, while the second tranche will be offered through 357-day notes valued at EGP 10.5 billion, according to data published on the CBE’s official website.
The issuance will be used to finance the country’s budget deficit. State-owned banks are the top holders of the government debt instruments.
Previously, the finance ministry revealed plans to diversify its financing sources and expand into long-term debt instruments instead of short-term borrowing with the reduction in local interest rates.
At the end of June 2019, Egypt’s public debt to gross domestic product (GDP) ratio narrowed to 90.5% from 98% a year earlier.
