CAIRO: The Central Bank of Egypt (CBE) on behalf of the Ministry of Finance will auction 7.5 billion EGP ($958.4 million) in treasury bills Thursday, according to the bank’s official website.
Egypt’s central bank usually holds T-bills auctions Sunday and Thursday every week.
“The T-bills are to be offered in two installments; the first valued at 3 billion EGP with a 6-month term, and the second worth 4.5 billion EGP with a one-year term,” according to the CBE website.
The government seeks to borrow from the domestic market to cover the state budget deficit which exceeds 10 percent of GDP since FY 2011/2012, and is forecasted to exceed 11 percent of GDP in FY 2014/2015 (ended June 30.)
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.