CAIRO: The Central Bank of Egypt (CBE) will borrow Sunday Treasury bills (T-bills) worth 7.5 billion EGP ($98 million) from the local market, according to a statement issued on the CBE official website Saturday.
The government, via the bank, will auction 91-day T-bills at 3 billion EGP ($38 million) and 273-day T-bills for 4.5 billion EGP ($57 million), the statement added.
The CBE puts up T-bills for auctions twice weekly (on Sundays and Thursday) as an economic measure to fill the gap of the state’s 2015/2016 general budget deficit; meanwhile the long-terms T-bonds have been auctioned on Thursdays to shrink the deficit, expected to reach 240 billion EGP.
Over the last week, the bank auctioned T-bills for total of 15.5 billion EGP, according to previous CBE announcements.
The Ministry of Finance announced Saturday that it targets to borrow 109.5 billion EGP ($13.98 billion) in T-bills and T-bonds over December, as per government’s schedule of the auctioned securities in 2nd quarter of 2015/2016 fiscal year.
December auctions are the highest targeted money in Q2 as the government sold securities for 86 billion EGP for each October and November, the Ministry said in a statement.