CBE to issue multi-billion pounds treasury bills today to fill budget deficit

Egypt’s central bank is issuing Sunday, in cooperation with Ministry of Finance, treasury bills worth 11.25 billion Egyptian pounds ($724.1 million), to fill the country’s budget deficit.

In a statement released on Saturday, the central bank said it would raise two treasury bills; the first will be worth 5.75 billion pounds, to mature in 91 days. The second is valued at 5.5 billion pounds, to mature in 266 days, the central bank added.

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