Egypt to offer US$500 mln in 1-year T-bills

The 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 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 22 February and mature on 19 February 2013, the bank said.

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