Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills and bonds worth EGP 24 billion on Monday to finance the budget deficit.

The first tranche of the T-bills is worth EGP 8.5 billion and will be offered through 91-day notes, while the second tranche is valued at EGP 10.5 billion and will be offered through 266-day notes, the CBE said on its official website.

Additionally, the CBE will offer EGP 4 billion in five-year T-bonds and EGP 1 billion worth of 15-year T-bonds.

State-run banks are the top purchasers of the government debt instruments.

It is noteworthy to mention that banks were closed on Thursday, 20 August, on the occasion of the new Hijri year 1442.

In May, Egypt obtained a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI).

In June, the finance minister Mohamed Maait issued a decision to establish a unit at the Egyptian Tax Authority to follow up on the collection and supply of taxes on returns of T-bills and bonds.

Source: Mubasher

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