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Egyptian T-bonds regain pre-floating return levels

Egyptian T-bonds regain pre-floating return levels
The Egyptian Ministry of Finance - (Photo Credit: Arabianeye-Reuters)

Cairo – Mubasher: The returns on the Egyptian government’s treasury bonds regained its levels before the Central Bank of Egypt’s (CBE) decision to float the pound, according to date released by the Ministry of Finance (MoF).

On Monday’s auction, the average return on the 5-year bonds reached 16.6% compared to 16.814% in last week’s auction.

On the other hand, the return on the 10-year bonds decreased to 16.699% from 16.952% on last Tuesday.

On 3 November, the Central Bank of Egypt (CBE) decided to float the Egyptian pound and to raise interest rates by 300 basis points, which lead to a huge jump in the returns on treasury bonds.

The central bank of Egypt (CBE) announced earlier it is targeting to issue EGP 500 million worth of treasury bills on Monday, in cooperation with the ministry of finance to support the country’s state budget deficit.