By: Heba El Kordy

Cairo – Mubasher: Egypt has borrowed around EGP 1.858 trillion ($103 billion) from local banks in 2018 through the issuance of government debt instruments, according to a survey by Mubasher.

The North African nation has cut its borrowing from debt instruments marginally by 0.3% from the demand for treasury bills and bonds of EGP 1.865 trillion this year, data by the Central Bank of Egypt (CBE) and the Ministry of Finance (MoF) showed.

The CBE has issued 210 T-bills and 83 T-bonds in 2018, excluding the debt instruments to be issued on 30 and 31 December.

Egypt was planning to issue T-bills and T-bonds worth a combined EGP 1.827 trillion this year, according to the finance ministry’s plan.

T-bills

The finance ministry has accepted around EGP 1.751 trillion T-bills from banks this year, versus EGP 1.761 trillion requested in bids by the ministry, according to Mubasher.

The central bank has sold 91-day T-bills at a value of about EGP 410.54 billion through 52 bids, while the 182-day T-bills were sold through 53 auctions at a value of EGP 428.6 billion.

Moreover, the 273-day and 266-day T-bills were sold at a total value of EGP 414.4 billion in 52 bids, the survey added.

T-bonds

As for the offered T-bonds in 2018, Mubasher poll showed that Egypt has issued T-bonds worth EGP 106.76 billion in 83 auctions.

It is worth noting that the MoF had decided to cancel all the T-bonds issued in September as its yield rose nearly 20% due to global changes.

The CBE previously posted that foreign investments in Egyptian T-bills slashed for the seventh month in a row in October to EGP 210.2 billion ($11.7 billion), versus EGP 234.5 billion ($13.1 billion) in September.

Translated by: Mai Ezz El-Din