CAIRO – The Central Bank of Egypt (CBE) on Sunday issued treasury bills worth 18 billion pounds in coordination with the Ministry of Finance to finance the budget deficit.
The value of the first offering is 9.5 billion pounds for 91 days, while the second offering is 8.5 billion pounds for 266 days, the central bank said on its website.
The government owes the Treasury bills and bills at different times, and government banks are the largest purchasers.
The Ministry of Finance's plan revealed a decline in the target of debt issuance in November 2018, 20% on a monthly basis.
The draft state budget for the fiscal year 2018-2019 showed targeting of local funding for the budget deficit of 511.2 billion pounds.
According to the budget, Egypt aims to issue treasury bills during the current fiscal year by about 409.6 billion pounds, and issue bonds worth 101.6 billion pounds.
Central Bank of Egypt data showed that Egypt's total foreign debt during the first quarter of fiscal year 2017-2018 increased by 2.3% on a quarterly basis, an increase of 1.8 billion dollars to reach 80.8 billion dollars, compared to 79 billion dollars by the end of June 2017.
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