CAIRO: The Central Bank of Egypt (CBE) is scheduled to auction 7.5 billion EGP ($983.18 million,) in treasury bills Thursday, according to CBE website.
The T-bills are scheduled to be initially offered in two installments; the first valued at 3.5 billion EGP with a 182-day term while the second is worth 4 billion EGP with a 357-day term.
The decision aims to fill a soaring budget deficit, expected to reach 240 billion EGP by the end of FY 2015/2016. The budget shortfall widened to 218.3 billion EGP (around 9.3 percent of GDP) during the first nine months of FY14/15, up from 145 billion EGP in the same period last year, according to the Finance Ministry’s monthly report.
Egypt’s government intends to slash budget deficit to eight percent of GDP in the coming four years, Minister of Investment Ashraf Salman said earlier in April.