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 stands at EGP 9.25 billion and will be offered through 91-day notes, while the second tranche will be offered through 273-day notes valued at EGP 9.5 billion, the CBE said via its official website.
The issuance will be used to finance the country’s budget deficit.
The MoF previously revealed that it aims to diversify its financing sources, noting that it may rely on long-term local financial instruments after slashing key interest rates instead of short-term borrowing.
The Egyptian government managed to cut public debt to gross domestic product (GDP) ratio to 90.5% at the end of June, compared to 98% in the same month a year earlier.