CBE issues treasury bonds worth 500 mln Egyptian pounds Monday

Egypt’s central bank is planning to issue Monday, on behalf of Ministry of Finance, treasury bonds totalling 500 million Egyptian pounds ($27.4 million) to fill the country’s budget deficit.

In a statement released on Sunday, the Central Bank of Egypt (CBE) said it would raise two treasury bonds; the first would be at value of 250 million pounds, to mature in three years. The second will be worth 250 million pounds, to mature in seven years.

Egyptian Ministry of Finance has estimated the country’s budget deficit for the financial year 2016-2017 at 319.46 billion pounds.