PHOTO
Egyptian pound banknotes sit on a table on March 6, 2024 in Cairo, after Egypt's central bank announced it will allow the exchange rate to be set by the market. Egypt's central bank announced on March 6 it will allow the exchange rate to be set by the market, causing the pound to lose more than a third of its value within minutes. Shortly after 12:00 pm (1000 GMT), the Egyptian pound was trading at a record high of 49.15 pounds to the US dollar, after more than a year of a stabilised official exchange rate of around 30.9. (Photo by Khaled DESOUKI / AFP)
Egypt - The yield on Egyptian treasury bills (T-bills) reached new highs as the EGP continued its depreciation, exceeding EGP 50 per USD.
On December 8th’s auction, the weighted average yield on three-month T-bills climbed to 31.42%, up from 31.2% in the previous auction.
The Central Bank of Egypt (CBE), acting on behalf of the Ministry of Finance, sold three-month T-bills at a nominal value of EGP 52.752 billion during the auction. This figure surpasses the targeted liquidity of EGP 35 billion by around 35%.
Submitted bids amounted to EGP 78.561 billion, with a weighted average yield of 31.74%.
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