CAIRO: The Central Bank of Egypt (CBE) on behalf of the Ministry of Finance is scheduled to auction 6.5 billion EGP ($851.6 million) in treasury bills Sunday, according to the bank’s official website.
The T-bills are scheduled to be offered in two installments; the first valued at 2.5 billion EGP with a 91-day term, and the second worth 4 billion EGP with a 266-day term.
Egypt’s government intends to borrow 455 billion EGP during fiscal year FY2014/15 (ending June 30,) in order to fill a soaring budget deficit.
During the first nine months of FY14/15, the deficit widened to 218.3 billion EGP (around 9.3 percent of GDP,) 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.