Egypt central bank to issue local treasury bonds Monday

Egypt’s central bank will issue on Monday, on behalf of Ministry of Finance, treasury bonds totalling 500 million Egyptian pounds ($27 million) to fill the country’s budget deficit.

The Central Bank of Egypt (CBE) said in a statement that it would raise two treasury bonds; the first would be at value of 250 million pounds, to mature in three years. The second will be worth 250 million pounds, to mature in ten years.

Egyptian Ministry of Finance has estimated the country’s budget deficit for the financial year 2016-2017 at 319.46 billion pounds.