CBE auctions EGP 50b treasury bills

The Central Bank of Egypt (CBE) auctioned on Sunday treasury bills worth EGP 50 billion in coordination with the Ministry of Finance, according to the bank statement.

The auctioned bills are divided into two tranches, each valued at EGP 25 billion; the first tranche has a term of 91 days, while the second tranche has a term of 273 days.

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

Throughout the fiscal year, the Ministry of Finance authorises the Central Bank to manage its special issuances of treasury bills and bonds in Egyptian pounds.

The proceeds are financed and spent on items in the state’s general budget for the current fiscal year 2023-2024.