CAIRO: The Central Bank of Egypt (CBE) on behalf of the Ministry of Finance auctioned 6.5 billion EGP ($830 million) in treasury bills Sunday, according to the bank’s official website.
Egypt’s central bank usually holds T-bill auctions Sunday and Thursday every week.
“The T-bills are to be offered in two installments; the first valued at 2 billion EGP with a 3-month term, and the second worth 4 billion EGP with a 9-month term,” according to the auctions’ schedule.
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.
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.