The Central Bank of Egypt (CBE) will issue treasury bonds and bills valued at EGP 26 billion on Sunday, in coordination with the Ministry of Finance, to finance the budget deficit.
The first tranche of T-bills stands at EGP 7.5 billion and will be offered through 182-day notes, while the second tranche will be offered through 364-day notes valued at EGP 12.5 billion, the CBE announced on its official website.
Meanwhile, the CBE will also issue three-year T-bonds worth EGP 6 billion.
In June, the Minister of Finance, Mohamed Maait, issued a decision to establish a unit at the Egyptian Tax Authority to follow up on the collection and supply of taxes on returns of T-bills and bonds.
It is noteworthy to mention that in May, Egypt secured a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI).
