CBE auctions treasury bills worth 11.5 billion Egyptian pounds

Egypt’s central bank is issuing Wednesday, in coordination with Ministry of Finance, treasury bills worth 11.5 billion Egyptian pounds ($670.7 million), to fill the country’s budget deficit.

In a statement released on Tuesday, the central bank said it would raise two treasury bills; the first will be worth 5.5 billion pounds, to mature in 182 days. The second is valued at 6 billion pounds, to mature in 364 days, the central bank added.

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