Home MoneyFinancial Institutions Sisi’s Government to Borrow EGP5.5 billion Tomorrow

Sisi’s Government to Borrow EGP5.5 billion Tomorrow

by Yomna Yasser

Egyptian Ministry of Finance will launch new short term Treasury bills (T-bills) worth 5.5 billion Egyptian pounds (around US$769 million).

Bids will be held in two tranches, in collaboration with the Central Bank of Egypt (CBE).

The government is offering T-Bills totalling EGP 5.5 billion on Sunday, of which EGP 2 billion will mature in 91 days and EGP 3.5 billion will mature in 273 days.

As pursuant to the state’s new budget for fiscal year 2014/2015, the deficit registers 240 billion Egyptian pounds ($33.57 billion) or 10 percent of gross domestic product (GDP).

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