Government borrows LE 12.2B in T-bills Thursday

CAIRO – 1 June 2017: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is scheduled to auction LE 12.25 billion ($3 million) in treasury bills Thursday, according to the bank’s official website.

Egypt’s Central Bank holds T-bills’ auctions every Sunday and Thursday. The T-bills are to be offered in two installments; the first valued at LE 6.2 billion with a six-month term, and the second worth LE six billion with a 357-day term, according to the auction schedule.

To fill a fast-growing budget deficit, the government has expanded its borrowing from local banks and international lenders over the past few years. The deficit is projected to reach LE 322 billion ($17.7 billion) by the end of the current fiscal year, due to end June 30.