Egypt’s Central Bank to Auction T-bills worth 5 billion Pounds Today

On behalf of the Egyptian Finance Ministry, the Central Bank of Egypt will be offering today 182 and 357-day treasury bills worth EGP 6.5 billion.

Throughout its official website, the CBE stated that the first offering; 182-day is at value of EGP 2.5 billion, whereas the second offering; the 357-day amounts to EGP 4 billion.

Within this month, Egypt’s newly-appointed government led by Ibrahim Mehleb is targeting the offering of treasury bonds and treasury bills totaling EGP 69 billion, seeking to fill the state’s widening budget deficit which recently reached EGP 119.4 billion.

During former Prime Minister Hazem Beblawi’s tenure, Egypt has borrowed EGP 540 billion in forms of treasury bonds and treasury bills throughout the period from January 2013 to February 2014.