Business & Finance
Egypt to offer $500 million in 1-year USD T-bills
CAIRO : Egypt 's central bank said on Sunday it would offer $500 million in dollar-denominated 1-year treasury bills at
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CAIRO: Egypt's central bank said on Sunday it would offer $500 million in dollar-denominated 1-year treasury bills at an auction on Tuesday, its fourth dollar offering since November 29, 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 Feb. 22 and mature on Feb. 19, 2013, the bank said.
Copyright Reuters, 2012
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