CBE issues treasury bonds worth LE 14.5 billion

The Central Bank of Egypt on Monday issued treasury bonds worth LE14.5 billion, in coordination with Finance Ministry, to finance the budget deficit.

CBE said on its website that the value of the first offering is LE10 billion for a period of three years, while the value of the second offering is one billion LE for a period of seven years, in addition to a third offering of LE 500 million for a period of 15 years, while the value of the fourth offering is three billion LE for a year and a half.

The government borrows through treasury bonds and bills over different periods of time, and government banks are the largest purchasers of it.

Treasury bonds are long-term debt instruments, with maturities ranging from more than one year to 15 years.

The returns of the Central Bank of Egypt, from loans and balances with banks, in addition to the proceeds of treasury bills and bonds rose to LE 145.387 billion during the fiscal year ending on June 30, 2019, compared to LE 118,875 billion on June 30, 2018 – an increase of LE 26.512 billion.