CBE bids for LE 1.5B in T-bonds Monday

CAIRO – 19 June 2017: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is scheduled to auction LE 1.5 billion ($82.9 million) in treasury bonds Monday, according to the bank’s official website.

Egypt’s Central Bank holds T-bonds’ auctions every Monday. The T-bonds are to be offered in two installments each valued at LE 750 million. The first will be with a five-year term, while the second will have a 10-year 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.