By: Heba El-Kordy

Cairo – Mubasher: Yields on Egypt’s 364-day treasury bills (T-bills) sold in Thursday’s auction amounted to 18.9%, registering an all-time low since August 2018, with EGP 18.9 billion in proceeds, data by the Central Bank of Egypt (CBE) showed Sunday.

Meanwhile, the average yield of the 182-day notes reached 18.82%, marking the lowest level in seven months, with EGP 8.12 billion in proceeds, versus a requested sum of EGP 8.75 billion, the CBE highlighted.

Last Thursday, the CBE announced that it would issue T-bills worth EGP 18 billion in a bid on behalf of the Ministry of Finance (MOF).

Egypt’s debt instruments, especially T-bills, are attractive to foreign investors owing to their high yield. State-run banks are the largest holders of the government’s debt instruments.

The MOF previously stated it aims to finance the general budget deficit of EGP 511.2 billion in fiscal year 2018/2019.

Egypt aims to issue EGP 409.6 billion T-bills and EGP 101.6 billion bonds in FY18/19.

Translated by: Mai Ezz El-Din