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CBE offers EGP 18bn T-bills on Thursday

CBE offers EGP 18bn T-bills on Thursday
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Cairo - Mubasher: The Central Bank of Egypt (CBE) will issue on Thursday EGP 18 billion treasury bills (T-bills), in coordination with the Ministry of Finance (MoF), to finance the budget deficit.

The first tranche of the T-bills will be offered through 182-day notes valued at EGP 3 billion, while the second tranche, worth EGP 15 billion, will be issued through 364-day notes, the CBE said on its official website.

State-run banks are the top purchasers of government debt instruments.

In November 2020, the CBE’s Monetary Policy Committee (MPC) cut the overnight deposit rate, the overnight lending rate, and the main operation rate to 8.25%, 9.25%, and 8.75%, respectively.

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