The Central Bank of Egypt (CBE) is scheduled to auction treasury bills worth 5 billion EGP ($718.33 million) Sunday on behalf of the Ministry of Finance, according to inside sources.
The treasury bills will be offered in two installments, one valued at 2 billion EGP with a three-month term and the second worth 3 billion EGP with a nine-month term, the sources said.
In February, the government, represented by the Ministry of Finance and CBE, borrowed 70 billion EGP in treasury bills and bonds.
Egypt’s budget deficit is expected to reach 200 billion EGP by the end of the current fiscal year. The deficit is currently funded by CBE treasury bills and bonds, as well as international loans and aid from Gulf countries.
Originally published in Youm7.