EGP 10.5bn to support budget deficit by Egyptian banks

The Ministry of Finance has asked local banks to manage funds worth EGP 10.5bn from which the ministry can borrow to finance the budget deficit on Sunday and Monday.

The Central Bank of Egypt (CBE) said Saturday it will supply treasury bills in two parts totalling EGP 6bn on Sunday. The first one will be worth EGP 2.5bn over a period of 91 days, the second worth EGP 3.5bn over a period of 373 days.

On Monday, the CBE will present treasury bonds worth of EGP 1.5bn over a period of year and half, and another bond amounted EGP 2bn over a period of three years, and a bond amounted EGP 1bn over a period of seven years.

The ministry had received funds worth $1.8bn, from dollar treasury bills over a period of one year, which were sold to local banks and foreign financial institutions.