CAIRO: The Central Bank of Egypt (CBE) on behalf of the Ministry of Finance auctioned 6.5 billion EGP ($830.17 million) in treasury bonds Monday, according to the bank’s official website.
Egypt’s central bank usually holds T-bonds auctions on Monday every week.
“The T-bonds are to be offered in three installments; the first valued at 2 billion EGP with a 16-month term, the second worth 3 billion EGP with a three-year term, and the third worth 1.5 billion EGP with a seven-year term,” according to the CBE website.
Egypt’s government plans to raise 262 billion EGP from the domestic market in T-bills and T-bonds during the first quarter of this fiscal year 2015/2016 (started July 1,) data on the Finance Ministry’s website revealed.
This comes amid efforts to cover the state budget deficit which breached above 10 percent of GDP since FY 2011/2012, and forecasted to exceed 11 percent of GDP in FY 2014/2015.
President Abdel Fattah al-Sisi ratified earlier in July the state budget for FY 2015/2016, after being revised to slash the projected deficit to 8.9 percent of GDP.