CAIRO: The Central Bank of Egypt (CBE) on behalf of the Ministry of Finance is scheduled to auction 4.750 billion EGP ($606.65 million) in treasury bonds Monday, according to the bank’s official website.
Egypt’s central bank usually holds T-bonds auctions on Monday every week.
“The T-bonds are to be offered in two installments; the first valued at 5 billion EGP with a five-year term, and the second worth 1.750 billion EGP with a 10-year term,” according to the CBE website.
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, data on the Finance Ministry’s website revealed.
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 earlier in July the state budget for FY 2015/2016, after being revised to slash the projected deficit to 8.9 percent of GDP.