Egypt’s central bank auctions EGP 50b treasury bills

The Central Bank of Egypt (CBE) is auctioning treasury bills worth EGP 50 billions, in coordination with the Ministry of Finance, the bank said in a statement on Sunday.

The auctioned bills are divided into two offerings, each worth 25 billion pounds; the first offering is for a period of 91 days, while the second spans 273 days.

Treasury bills are known as government debt instruments issued for a period ranging from 3 months to a year; therefore, they are considered short-term securities.

The Egyptian Ministry of Finance has delegated the CBE to manage these special offerings of treasury bills and bonds in local currency throughout the fiscal year as part of a broader strategy to finance and spend the proceeds on the items of the state’s general budget for the current fiscal year 2023-2024.