CBE to Auction T-bills worth EGP5.5 bln Today

On behalf of the Egyptian Finance Ministry, the Central Bank of Egypt will be offering today 91- and 266-day treasury bills worth EGP 5.5 billion.

Throughout its official website, the CBE stated that the first offering; 91-day t-bills is at value of EGP 2 billion, whereas the second offering; the 266-day t-bills amounts to EGP 3.5 billion.

It is worth to note that Egypt’s budget deficit is likely to reach EGP 240 billion by the end of 2013. The state budget deficit is filled by the CBE’s periodic auctions of debt instruments on behalf of Egyptian finance ministry and by the Gulf’s aid packages.