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.