CAIRO: The Central Bank of Egypt (CBE) on behalf of the Ministry of Finance is scheduled to auction 7.5 billion EGP ($957.84 million) in treasury bills Sunday, according to the bank’s official website.
The T-bills are to be offered in two installments; the first valued at 3 billion EGP with a 91-day term, and the second worth 4.5 billion EGP with a 273-day term.
Egypt’s government intends to borrow 262 billion EGP in T-bills and T-bonds during the first quarter of this fiscal year 2015/2016, according to Finance Ministry data.
The figure marks an increase of 45 billion EGP, from 217 billion EGP planned a year earlier.
The government seeks to borrow from the domestic market to cover the state budget deficit which breached above 10 percent of GDP since FY 2011/2012, and forecasted to exceed 11 percent of GDP in FY 2014/2015 (ended June 30.)
President Abdel Fattah al-Sisi ratified ealier in July the state budget for FY 2015/2016, after being revised to slash the projected deficit to 8.9 percent of GDP.