Egypt Independent

Egypt to offer US$1bn in 1-year USD T-bills

Egypt's central bank on Tuesday said it will offer US$1 billion in dollar-denominated 1-year treasury bills at an auction on Wednesday, its third dollar offering since 29 November, as the government struggles to finance its budget deficit.

The deficit burgeoned after last year's popular uprising, and the finance minister said in October liquidity at domestic banks had almost been exhausted.

The new dollar T-bills will be issued on Wednesday and will mature on 15 January 2013, the bank said.