Central Bank of Egypt to issue treasury bonds worth 850 mln pounds today

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Egypt’s central bank is set to issue Monday, on behalf of Ministry of Finance, treasury bonds totalling 850 million Egyptian pounds ($45.3 million) to fill the country’s budget deficit.

The Central Bank of Egypt (CBE) said in a statement on Sunday that it would raise two treasury bonds; the first would be at value of 500 million pounds, to mature in three years. The second will be worth 350 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.