Egypt c.bank to issue local treasury bills of 12.2 bln pounds on Sunday

Egypt’s central bank will issue on Sunday, on behalf of Finance Ministry, treasury bills totalling 12.2 billion Egyptian pounds ($675.8 million) to fill the country’s budget deficit.

The Central Bank of Egypt (CBE) said in a statement on Saturday that it would raise two treasury bills; the first would be at value of 6.2 billion pounds, to mature in 91 days. The second will be worth 6 billion pounds, to mature in 266 days.

Egypt’s budget deficit is expected to reach 322 billion pounds at the end of the current financial year.