CBE offers EGP 19.5bn T-bills, bonds on Monday

Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills and bonds worth EGP 19.5 billion on Monday on behalf of the Ministry of Finance.

The first tranche of the T-bills will be offered through 91-day notes valued at EGP 6.5 billion, while the second tranche is worth EGP 4.5 billion and will be offered through 273-day notes, the CBE said on its official website.

The CBE will also offer three-year T-bonds worth EGP 8.5 billion. 

Banks reopened on Sunday, 25 July, after being closed on Monday, 19 July, in observance of Eid El-Adha holiday. 

The issuance will be used to finance the country’s budget deficit. State-run banks are the top purchasers of government debt instruments.

In June, the CBE’s Monetary Policy Committee (MPC) decided to leave interest rates on hold for the fourth time in a row in 2021.

In November 2020, the MPC cut the overnight deposit rate, the overnight lending rate, and the main operation rate by 0.5% to 8.25%, 9.25%, and 8.75%, respectively.

In June 2020, the Minister of Finance, Mohamed Maait, issued a decision to establish a unit at the Egyptian Tax Authority to follow up on the collection and supply of taxes on returns of T-bills and bonds.

In May 2020, Egypt secured a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI).

Mubasher Contribution Time: 26-Jul-2021 07:40 (GMT)
Mubasher Last Update Time: 26-Jul-2021 07:40 (GMT)