Egypt to offer LE5.5 billion of T-bills at Sunday auction

Ahram Online, Sunday 24 Feb 2013

The Central Bank of Egypt hopes to raise LE52.5 billion in bills and bonds by the end of the month as fiscal crisis deepens

Central Bank of Egypt
Vehicles drive by in front of Central Bank of Egypt Headquarters in Cairo (Photo: Reuters)

The Central Bank of Egypt (CBE) will seek bids for LE5.5 billion of treasury bills at an auction Sunday.

Egypt plans to offer LE1.5 billion of three-month T-bills and raise LE4 billion pounds in 273 day bills.

The average yield for three-month T-bills hit 12.7 per cent at an auction held 17 Febuary.

According to Ahram Arabic website, the CBE plans to have raised LE52.5 billion in T-bills and long-term government bonds on behalf of the Ministry of Finance by the end of February.

Egypt is struggling to contain a budget deficit that reached a whopping LE91.5 billion in the first half of the current fiscal year, equivalent to 5.1 per cent of the country’s GDP.

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