Egypt to issue $700mn in US dollar denominated one-year treasury bill on June 14

CAIRO: Egypt's Finance Ministry will issue $700 million in one-year dollar-denominated treasury bills to local banks and foreign financial institutions on June 14, the central bank said in a statement on Thursday.

The auction deadline is June 13 and the maturity date for the issuance is June 13,2017, the statement said.

The government has turned mainly to the local money market to finance its public deficit since a popular uprising in early 2011 that deterred many foreign investors.