CAIRO: The Central Bank of Egypt (CBE) on behalf of the Ministry of Finance is set to auction 7 billion EGP ($893.83 million) in treasury bills Sunday, according to the bank’s official website.
Egypt’s central bank usually holds T-bills auctions on Sunday and Thursday every week.
“The T-bills are to be offered in two installments; the first valued at 2.5 billion EGP with 91-day term, and the second worth 4.5 billion EGP with a 266-day term,” according to the CBE website.
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.