Government to borrow 12.2B EGP in T-bills Thursday

CAIRO – 11 May 2017: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is scheduled to auction 12.250 billion EGP ($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. The T-bills are to be offered in two installments; the first valued at 6.250 billion EGP with a 6-month term, and the second worth six billion EGP 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 322 billion EGP ($17.7 billion) by the end of the current fiscal year, due to end June 30.