Egypt’s CBE issues 13 bln pounds treasury bills Sunday

The Central Bank of Egypt (CBE) issued on Sunday treasury bills worth 13 billion Egyptian pounds, in cooperation with the country’s Ministry of Finance (MoF) in order to support the state budget deficit.

The treasury bills were issued through two tranches, 91-day bills of 6.25 billion pounds, and 273-day bills of 6.75 billion pounds, according to the CBE’s website.

The Egyptian Finance Ministry estimates the total budget deficit for the financial year 2016/2017 at around 319 billion pounds, compared with 339 billion pounds during the financial year 2015/2016.

The MoF aims to issue debt instruments worth 110.75 billion pounds during July 2017, compared to 88.6 billion pounds during  the same period in 2016, with an increase of 25 percent, as well as a record high of 371 billion pounds within the first quarter of financial year 2017/2018.