Government to auction 6 billion EGP in treasury bonds
Central Bank of Egypt - YOUM7(Archive)

CAIRO: The Central Bank of Egypt (CBE) on behalf of the Ministry of Finance is set to auction 6 billion EGP ($860 million) on Monday in long-term treasury bonds, according to a CBE statement Sunday.

The treasury-bonds are scheduled to be offered in three installments, each one worth 2 billion EGP ($290 million,) the first with a 1.5 year term, the second a three-year term and the third with a seven-year 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, one of  government’s instruments to borrow money, as well as by aid from Gulf States and international loans.

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