Government to borrow $12.2B in T-bills Thursday

CAIRO – 27 April 2017: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is scheduled to auction EGP12.250 billion ($676.8 million) in treasury bills Thursday, according to the bank’s official website.

Egypt’s Central Bank holds T-bill auctions every Sunday and Thursday. T-bills are to be offered in two installments; the first valued at EGP6.250 billion with a 6-month term, and the second worth EGP6 billion with a 364-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 EGP 322 billion ($17.7 billion) by the end of the current fiscal year, due to end June 30.