The Central Bank of Egypt (CBE) is issuing EGP 14.5 billion worth of treasury bills (T-bills) on Sunday in coordination with the Ministry of Finance.
The issuance will be offered through two tranches, 91-day bills worth EGP 4 billion and 273-day notes at EGP 10.5 billion, according to the CBE’s website.
Debt instruments are used to bridge the budget deficit and Egyptian state-run banks remain the largest holder.
Egypt successfully reduced the debt-to-GDP ratio to 90.5% by the end of last June, compared with 98% for the same period in 2018.
The Ministry of Finance has vowed to diversify local and international debt instruments, with lower interest rates easing the issuance of long-term instruments.