The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, issued LE 13 billion in treasury bonds on Monday, April 12.
The T-bonds were offered in two installments, with the first valued at LE 7 billion with a three-year term, and the second worth LE 6 billion with a seven-term years.
For the current fiscal year, the budget deficit is estimated to record 6.3 percent of gross domestic product (GDP), planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.
The Monetary Policy Committee of the Central Bank of Egypt (CBE) decided Thursday, March 18, to keep the overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 8.25 percent, 9.25 percent, and 8.75 percent, respectively. Moreover, the discount rate was also kept at 8.75 percent.
Egypt’s 2020/2021 draft budget aims to reduce public debt of GDP to 82.7 percent by end of June 2021, up from earlier target of 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.