Government bids for 4B EGP in T-bonds Monday
Central Bank of Egypt Chairman Hisham Ramez - YOUM7 (Archive)
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CAIRO: The Central Bank of Egypt (CBE) on behalf of the Ministry of Finance is scheduled to auction 4 billion EGP ($524.53 million) in treasury bonds Monday, according to the bank’s official website.

The T-bonds are scheduled to be offered in two installments: the first valued at 2.5 billion EGP with a five-year term, the second worth 1.5 billion EGP with a 10-year term.

Egypt’s government intends to borrow 455 billion EGP during the current fiscal year. This comes amid efforts aimed at filling a soaring budget deficit that amounts to an estimated 14 percent of GDP for FY 2014-2015, before President Abdel Fatah al-Sisi ratified a revised and tightened budget in a move towards applying austerity measures.

In a February report, Fitch Ratings said that subsidy reforms in Egypt along with lower oil prices were a contributory factor to the recent upgrade of the country credit rating to “B” from “B-” in December, with a “stable” outlook.

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