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CBE sells more T-bills than target; yield rises to 6M high

CBE sells more T-bills than target; yield rises to 6M high
The issuance will be used to finance the country’s budget deficit.

Cairo – Mubasher: The Central Bank of Egypt (CBE) sold EGP 29.17 billion worth of treasury bills (T-bills) in two auctions on Sunday, which is EGP 10.17 billion more than it had offered. 

The CBE sold EGP 19.15 billion worth of 91-day T-bills and the average yield amounted to 13.59%, the highest level since 11 February, according to official data.

Moreover, the central bank also accepted 266-day T-bills worth EGP 20.03 billion at an average yield of 13.81%.

Earlier, the CBE offered EGP 19 billion worth of T-bills on behalf of the Ministry of Finance. The issuance will be used to finance the country’s budget deficit.