Central Bank of Egypt offers $1.2bln T-bills on Sunday

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Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 19 billion on Sunday on behalf of the Ministry of Finance.The first tranche of the issuance will be offered through 91-day notes worth EGP 8 billion, while the second tranche is valued at EGP 11 billion and will be offered through 273-day notes, the CBE said on its official website.The issuance will be used to finance the country’s budget deficit. State-run banks are the top purchasers of the government debt instruments.Earlier in November, the CBE’s Monetary Policy Committee (MPC) decided to cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 0.5% to 8.25%, 9.25%, and 8.75%, respectively.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.In May, Egypt secured a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI).Source: MubasherAll Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info). ...read more...