Egypt’s issues $1 billion T-bills Sunday

Egypt’s central bank will issue treasury bills worth 18.75 billion Egyptian pounds ($1 billion) on Sunday on behalf of the Ministry of Finance, according to Mubasher.

The first tranche of the T-bills stands at 9.25 billion pounds and will be offered through 91-day notes, while the second tranche will be offered through 273-day notes valued at 9.5 billion pounds, the CBE said via its official website.

The issuance will be used to finance the country’s budget deficit.

The ministry earlier said it aims to diversify its financing sources, noting that it may rely on long-term local financial instruments after slashing key interest rates instead of short-term borrowing.

The Egyptian government managed to cut public debt to gross domestic product (GDP) ratio to 90.5 percent at the end of June, compared to 98 percent in the same month a year earlier.