Cairo – The yield on three-month treasury bills (T-bills) offered by the Central Bank of Egypt (CBE) on Tuesday reached its highest level since November 2020.
The average yield on 91-day notes registered 13.14% after accepting EGP 8.32 billion in orders, below the target of EGP 10.5 billion, according to data on the CBE’s website.
On Tuesday, the CBE offered T-bills and bonds worth EGP 23.5 billion on behalf of the Ministry of Finance.
Meanwhile, the yield on 266-day notes recorded 13.38% at a value of EGP 11.6 billion, higher than the target of EGP 8 billion.
The issuance will be used to finance the country’s budget deficit. State-run banks are the top purchasers of the government debt instruments.
In April, the CBE’s Monetary Policy Committee (MPC) decided to leave interest rates unchanged for the third time in a row during 2021.
In November 2020, the MPC reduced the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 0.5% to 8.25%, 9.25%, and 8.75%, respectively.
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