CAIRO: The Central Bank of Egypt (CBE) on behalf of the Ministry of Finance is set to auction 7.250 billion EGP ($925.2) 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 an 18-month term, the second worth 3 billion EGP with a three-year term, and the third worth 2.250 billion EGP with a seven-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.
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.