Central Bank bids for 6.75B EGP in T-bonds Monday
Central Bank of Egypt - YOUM7

CAIRO: The Central Bank of Egypt (CBE) on behalf of the Ministry of Finance auctioned 6.75 billion EGP ($862 million) in treasury bonds Monday, according to the bank’s official website.

Egypt’s central bank usually holds T-bonds auctions every Monday.

“The T-bonds are to be offered in three installments; the first valued at 2 billion EGP with a 16-month term, the second worth 3 billion EGP with a three-year term, and the third worth 1.750 billion EGP with a seven-year term,” according to the CBE website.

Egypt’s government plans to raise 262 billion EGP in T-bills and T-bonds from the domestic market during the first quarter of this fiscal year 2015/2016 (started July 1,) data on the Finance Ministry’s website revealed.

This comes amid efforts to cover the state budget deficit which breached above 10 percent of GDP since FY 2011/2012, and is forecast to exceed 11 percent of GDP in FY 2014/2015.

President Abdel Fatah 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.

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