Government to borrow 12.7 billion EGP in T-bills Sunday

CAIRO: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is scheduled to auction 12.750 billion EGP ($708.45 million) in treasury bills Sunday, according to the bank’s official website.

Egypt’s Central Bank holds T-bill auctions every Sunday and Thursday.

”The T-bills are to be offered in two installments; the first valued at 6.5 billion EGP with a 3-month term, and the second worth 6.250 billion EGP with a 266-day term,” the auction schedule announces.

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