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CBE offers EGP 20.5bn T-bills on Thursday

CBE offers EGP 20.5bn T-bills on Thursday
State-run banks are the top purchasers of government debt instruments

Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 20.5 billion on Thursday on behalf of the Ministry of Finance.

The first tranche of the T-bills will be offered through 182-day notes worth EGP 5.5 billion, while the second tranche is valued at EGP 15 billion and will be offered through 364-day notes, 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 government debt instruments.

In August, the CBE’s Monetary Policy Committee (MPC) decided to leave interest rates on hold for the sixth consecutive time.

In November 2020, the MPC cut the overnight deposit rate, the overnight lending rate, and the main operation rate by 0.5% to 8.25%, 9.25%, and 8.75%, respectively.

In June 2020, the Minister of Finance, Mohamed Maait, issued a decision to establish a unit at the Egyptian Tax Authority to follow up on the collection and supply of taxes on returns of T-bills and bonds.

In May 2020, Egypt secured a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI).