Government to borrow LE 12.7B in T-bills Sunday

CAIRO – 27 May 2017: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is scheduled to auction LE 12.750 billion ($704.42 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 LE 6.250 billion with a 273-day term, and the second worth LE 6.5 billion with a 91-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.