CBE offers T-bills on Sunday

The issuance will be used to finance the country’s budget deficit


Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 17.5 billion on Sunday on behalf of the Ministry of Finance.

The first tranche of the T-bills will be offered through 91-day notes valued at EGP 3.5 billion, while the second tranche is worth EGP 14 billion and will be offered through 273-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 September, the CBE’s Monetary Policy Committee (MPC) decided to leave interest rates on hold for the seventh time in a row.

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

Source: Mubasher

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