The Central Bank of Egypt (CBE) will offer treasury bills (T-Bills) worth EGP 15bn on Thursday on behalf of the Ministry of Finance.
The first tranche of the T-Bills will be offered through 182-day notes valued at EGP 7.5bn, while the second tranche stands at EGP 7.5bn and will be offered through 364-day notes, the CBE said on its official website.
The issuance will be used to finance the country’s budget deficit. State-run banks are the top purchasers of the government debt instruments.
Earlier, the finance ministry revealed a possibility of accepting less bids for T-Bills and bonds denominated in the Egyptian pound until the end of fiscal year 2019/20 after securing a $2.7bn loan from the International Monetary Fund under the rapid financing instrument.
Moreover, Egypt reached a staff-level agreement with the IMF on a $5.2bn standby loan.
On Wednesday, 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.