The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18.75 billion on Sunday on behalf of the Ministry of Finance (MoF).
The first tranche of the T-bills will be offered through 91-day notes at EGP 9.25 billion, while the second tranche amounts to EGP 9.5 billion and will be offered through 266-day notes, the CBE said via its official website.
The issuance will be used to finance the country’s budget deficit, the CBE noted.
At the end of May, total foreign holdings of Egypt’s debt instruments exceeded $17 billion, board member of the CBE Fakhry El Fekki previously told Mubasher.
Earlier, Egyptian finance minister Mohamed Maait revealed that total foreign holdings of Egypt’s sovereign debt amounted to $15.8 billion at the end of February.
Egypt’s debt instruments are considered attractive to foreign investors owing to their high yield. State-run banks are the largest holders of the government’s debt instruments.