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CBE offers EGP 14.5bn T-bills on Sunday

CBE offers EGP 14.5bn T-bills on Sunday
The issuance will be used to finance the country’s budget deficit

Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 14.5 billion on Sunday on behalf of the Ministry of Finance.

The first tranche of the T-bills amounts to EGP 4 billion and will be offered through 91-day notes, while the second tranche will be offered through 266-day notes valued at EGP 10.5 billion, the CBE said on its official website.

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

On its meeting on 20 February, the CBE’s Monetary Policy Committee (MPC) decided to keep the current interest rates unchanged.

The overnight deposit rate and the overnight lending rate were kept at 12.25% and 13.25%, respectively, while the rate of the main operation was maintained at 12.75%.

The discount rate was also kept at 12.75%, according to a report released by the CBE.