Egyptian Central Bank to offer new treasury bills and bonds

On behalf of the Egyptian Ministry of Finance, on Thursday the Egyptian Central Bank is set to offer new treasury bills estimated to be worth 6.5 billions of Egyptian pounds.

Data shows that the value of the first offering of treasury bills for 182 days is 2.5 billions and 4 billions for 357 days.

Egyptian authorities are obliged to carry out these measures in the wake of an almost complete breakdown of revenues in the major sectors of the Egyptian economy in wake of President Mohammed Morsi’s ouster in July.

Several sources of revenue, such as foreign investments, industry and tourism, have been almost paralyzed since the coup.

In addition, data indicates an expected deficit of 200 billions of Egyptian pounds in the nation’s general budget.

This deficit is reimbursed by the Central Bank, which offers treasury bills, bonds and other forms of government credit on behalf of the Ministry of Finance.

Donations and assistance from Arab countries and international loans contribute to paying off this deficit.