CAIRO: The Central Bank of Egypt is scheduled to auction 6 billion EGP ($861.18 million) in treasury bills Thursday on behalf of the Ministry of Finance, according to a CBE statement published on its website.
The bills will be offered in two installments, one worth 2.5 billion EGP with a six-month term and the second valued at 3.5 billion EGP with a 357-day term.
The budget deficit is expected to range between 11 to 12 percent, 240 billion EGP, by the end of the current fiscal year 2013-2014, Minister of Finance Hany Kadry said early March.
In February, the government represented by the Ministry of Finance and CBE borrowed 70 billion EGP in treasury bills and bonds, according to the state-owned Middle East News Agency (MENA).
Prime Minister Ibrahim Mahlab said the government aims to reduce the budget deficit by 10 percent, by boosting production rates s well as tourism rveneue, Youm7 reported two weeks ago.
Egypt’s budget deficit is currently funded by CBE treasury bills and bonds, one of the governmental instruments for debts, as well as aid from Gulf States and international loans.