The Central Bank of Egypt (CBE) announced that it received 23 bids worth $1.09bn for a tender of local treasury bills denominated in US dollars.

The CBE issued the tender on Monday for a value of $990m, with a maturity date of 3 December 2024.

The tender was issued to settle the value of a previous tender that was issued by the CBE on 6 December 2022, worth $990m, and due on Tuesday, 5 December.

According to the CBE’s website, the bank accepted 16 offers out of the 23 bids for $990m at an interest rate of 5.149%, which was slightly changed from the yield of a similar tender issued by the bank last November. Some investors asked for a yield of up to 6.25%, which was rejected by the bank.

This tender was the sixth tender of local treasury bills denominated in US dollars that the CBE issued this year, with a total value of around $6.079bn. The previous tenders were issued on 3 January, 7 February, 2 May, 6 June, and 14 November, with values of $850m, $1.066bn, $1.077bn, $554.1m, and $1.612bn respectively.

The CBE allows both local banks and foreign institutions to subscribe to these bills, with a minimum subscription of $100,000 and its multiples.

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