Government borrows 8B EGP in T-bills Thursday
The Central Bank of Egypt (CBE) - YOUM7/Amr Mostafa

CAIRO: The Central Bank of Egypt (CBE) on behalf of the Ministry of Finance will raise 8 billion EGP ($1.02 billion) in a treasury bill auction Thursday, 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 3.5 billion EGP with an 6-month term, and the second worth 4.5 billion EGP with a one-year term,” according to the auctions’ schedule.

Egypt’s government seeks to borrow from the domestic market to cover the state budget deficit which exceeded 10 percent of GDP since FY 2011/2012.

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