The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 19 billion on Thursday on behalf of the Ministry of Finance (MoF).
The first tranche of the T-bills will be offered through 182-day notes at EGP 9.5 billion, while the second tranche amounts to EGP 9.5 billion and will be offered through 364-day notes, the CBE said via its official website.
The issuance will be used to finance the country’s budget deficit, the CBE noted.
It is noteworthy that net foreign investments in Egypt’s public debt instruments stood at $19.2 billion in mid-June, deputy finance minister Ahmed Kouchouk told Reuters.
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.