Egypt to issue treasury bills worth 9.2 bln pounds Sunday

Egypt’s central bank is planning to issue Sunday, on behalf of Ministry of Finance, treasury bills totalling 9.2 billion Egyptian pounds ($520 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 would be at value of 5.7 billion pounds, to mature in 91 days. The second will be worth 3.5 billion pounds, to mature in 273 days.

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