Government borrows LE 13.75B in T-bills Wednesday

CAIRO – 4 October 2017: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is scheduled to auction LE 13.75 billion ($781 million) in treasury bills (T-bills) Wednesday.

Egypt’s central bank holds T-bills auctions every Sunday and Thursday, but the latest issuance comes Wednesday as October 5 is a national holiday.

The T-bills are to be offered in two installments, with the first valued at LE 6.75 billion with a 182-day term and the second worth LE 7 billion with a 357-day term.

The budget deficit is expected to stand at LE 322 billion by the end of fiscal year 2017/18, to be filled by treasury bills and bonds issued by the CBE, and through Arab and foreign loans and grants.