By: Heba El-Kordy

Cairo – Mubasher: Total yields on Egypt’s treasury bills (T-bills) sold in Sunday’s have fallen since the beginning of 2019 due to the emerging markets crises.

The average yield of the 91-day notes reached 17.24%, marking the lowest level in 25 months, with EGP 6.25 billion in proceeds, versus a requested sum of EGP 8.5 billion, data by the Central Bank of Egypt (CBE) showed.

Meanwhile, yields on the 266-day T-bills reached 17.22% with EGP 8.5 billion in proceeds, the bank highlighted.

On Sunday, the CBE had issued T-bills worth EGP 17 billion, on behalf of the Ministry of Finance (MOF).

Egyptian finance minister Mohamed Maait previously stated that foreign investors had injected around $15.8 billion into Egypt’s sovereign debts.

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 North African state aims to slash debt-to-gross domestic product (GDP) by 92% this year.

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