Government to borrow 6.5B EGP Thursday
Central Bank of Egypt - YOUM7 (Archive)

CAIRO: The Central Bank of Egypt (CBE) plans to auction 6.5 million EGP ($930 million) on Thursday in short-term treasury bills on behalf of the Ministry of Finance, according to a CBE statement Wednesday.

The short-term treasury bonds are scheduled to be offered in two installments: the first valued at 2.5 billion EGP ($360 million) with a 182 day term, and the second valued at 4.5 billion EGP ($287 million) with a 364 day term

Egypt’s budget deficit is expected to reach 240 billion EGP ($34.5 billion) by the end of the current fiscal year.

The deficit is currently being funded by CBE treasury bills and bonds, government debt, as well as by aid from Arab Gulf states and international loans.

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