Egypt Government to Borrow EGP5.5 billion Tomorrow

Egyptian Ministry of Finance is set to launch new short term Treasury bills (T-bills) worth 5.5 billion Egyptian pounds.

Bids will be held in two tranches, in collaboration with the Central Bank of Egypt (CBE).

The government is offering T-Bills totalling EGP 5.5 billion on Sunday, of which EGP 2.5 billion will mature in 91 days and EGP 3 billion will mature in 266 days.

As pursuant to the state’s new budget for fiscal year 2014/2015, the deficit registers 240 billion Egyptian pounds ($33.57 billion) or 10 percent of gross domestic product (GDP).