Egypt’s Central Bank to raise T-Bills worth 7bn pounds Sunday

The Central Bank of Egypt (CBE) will offer Sunday treasury bills estimated at EGP 7 billion, on the behalf of the Ministry of Finance.

The treasury bills were offered in two installments; one valued 3 billion Egyptian pounds with a 91-day term; while the other worth four billion pounds with a 266-day term.

Egypt’s state budget deficit is expected to reach 240 billion Egyptian pounds by the end of the current year. The deficit is to be funded through CBE’s raising t-bills, financial assistance package, and grants from Gulf countries in addition to loans from international financial institutions.