CAIRO: The Central Bank of Egypt CBE is set to auction 6.5 billion EGP ($910 million) in treasury bills Sunday, according to the CBE own homepage.
The bills are scheduled to be offered in two installments, the first valued at 2.5 billion EGP with a three-month term and the second worth 4 billion EGP with 9 months term, it reported.
Earlier this month, the Ministry of Finance announced it intends to borrow 220 billion EGP ($30.7 billion) in treasury bills and bonds during the first quarter of the current fiscal year, compared to 204.8 billion EGP in the last quarter of the previous fiscal year that ended June 30.
Following the rejection of the budget by the presidency due to an increasing deficit, the Cabinet decided to reduce petrol subsidies, effectively raising prices of petroleum products with total value ranged between 40 percent to 78 percent for petrol and 175 percent for natural gas.
Besides the petrol price hike, the government has imposed other kinds of taxes like the mortgage taxes, and the 5 percent tax for those who earn over 1 million EGP annually.