Cairo-Mubasher: The Central Bank of Egypt (CBE) announced it would issue EGP 11.5 billion treasury bills, on behalf of the Ministry of Finance (MoF). The issuance will be used to finance the country’s budget deficit.
The CBE noted that the first offering would be EGP 5.5 billion for 182 days, while the second offering will be EGP 6 billion for 357 days.
Earlier, Egypt’s Ministry of Finance said it expects that the state budget for the fiscal year 2016/17 would witness a deficit of nearly EGP 319.46 billion.
The country’s budget deficit amounted to nearly EGP 311 billion for the financial period from May to July FY15/16 (accounting for 11.2% of country’s GDP) according to Ministry of Finance figures.
