Egypt’s CBE issues 13.25 bln pounds treasury bills Sunday

Central Bank of Egypt (CBE) issued on Sunday treasury bills worth 13.25 billion Egyptian pounds, in coordination with the country’s Ministry of Finance (MoF) to support the budget deficit.

The treasury bills were issued through two tranches, 91-day bills at 6.5 billion pounds, and 273-day bills of 6.75 billion pounds.

The Egyptian finance ministry estimated the total budget deficit during the financial year 2016/2017 to record around 319 billion pounds, compared with an billion pounds in during the financial year 2015/2016.

The MoF aims at issuing debt instruments worth 110.75 billion pounds in July 2017, compared to 88.6 billion pounds during the same period a year earlier, with an increase of 25 percent.