Egypt to issue 13 bln pounds in debt instruments on Sunday

Egypt’s central bank will issue Sunday, on behalf of Finance Ministry, treasury bills worth around 13 billion Egyptian pounds ($723.4 million).

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 6.7 billion pounds, to mature in 266 days.

Appetite for Egypt’s domestic debt has increased since the central bank floated the currency in November as part of an International Monetary Fund lending programme aiming to revive the economy.

Egypt’s debt instruments, notably the treasury bills are attracting a large number of foreign investors, with a growth of return that exceeds 20 percent. 

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