Egypt offers treasury bonds worth $1.05bn

Egypt offers treasury bonds worth $1.05bn

CAIRO: The Central Bank of Egypt has issued treasury bonds worth EGP 16. 5 billion ($1. 05 billion), as part of efforts to help the Ministry of Finance clear the government budget deficit. In a statement, the bank said the value of the first offering amounted to EGP 5 billion for a period of three years, the second offering amounted to EGP 6 billion for a period of five years, and the third 10-year term offering was valued at EGP 5. 5 billion. The government resorted to financing the budget deficit by offering bonds and treasury bills as debt instruments, and government banks are their largest buyers. Last Saturday, Minister of Finance Mohammed Maait announced that JP Morgan decided to include Egypt in its watchlist for government bonds for emerging markets. “¢ In a statement, the bank said the value of the first offering amounted to EGP 5 billion for a period of three years, the second offering amounted to EGP 6 billion for a period of five years, and the third 10-year term offering was valued at EGP 5. 5 billion. “¢ The minister said that Egypt will enter the index with 14 issues, with a total value of