Egypt's Central Bank is set to offer $1 billion treasury bills on Monday, in coordination with the Ministry of Finance, in a bid to finance the budget deficit.

This comes after the Central Bank offered $1 billion treasury bills with a one-year term on February 6th, which received 26 offers totaling $1.296 billion, according to the bank's website.

The previous auction saw the lowest yield at 4.898%, while the highest yield reached 5.5%, with a weighted average yield of 4.982%.

The move by the Central Bank comes as Egypt, like many other countries, grapples with the economic impact of the COVID-19 pandemic.

The country's economy has shown some signs of recovery in recent months, with GDP growth reaching 5.6% in the first quarter of 2022.

Egypt has been working to attract foreign investment and boost exports in order to spur growth and create jobs.

The government has also been implementing economic reforms, including reducing subsidies and increasing taxes, in order to improve the country's fiscal position.