Egypt’s CBE says issued 1.75 bln pounds treasury bills Monday

Central Bank of Egypt (CBE) said Monday it has issued treasury bills worth 1.75 billion Egyptian pounds ($97.4 million), alongside the country’s Ministry of Finance in order to finance the budget deficit.

The first tranche of treasury bills will be offered through three-year notes of one billion pounds, while the second offering was through seven-year notes of 750 million pounds.

The ministry is determined to offer treasury bills and bonds estimated at 110.75 billion pounds in July 2017, compared with 88.6 billion pounds in July 2016.

In addition, the ministry will issue treasury bills and bonds worth 371 billion pounds during the first quarter of financial year 2017/2018, which is the highest value since the beginning of the governmental borrowing mechanisms in 2005.

Debt instruments are attracting a large number of foreign investors, notably treasury bills, as the return on bonds exceeded by 20 percent.