Egypt will be offering $975 mln one year US-dominated T-bills on Wednesday

Egypt is set to offer one-year term US-dominated treasury bills (T-bills) on Wednesday with a total amount of $975 million, the Central Bank of Egypt (CBE) announced on Monday.

In February, the CBE issued a tender of US-dollar denominated T-bills with a total of $980 million, due on 8 February 2022.

In January, the CBE offered, in an auction, US-dominated T-bills worth $850 million in the same type.

The proceeds of this kind of auctions are used to replenish Egypt’s net international reserves (NIRs).

Egypt’s NIRs has started to recover from the severe impacts of the pandemic since June 2020, after it sharply declined to $38.2 billion in March – down from $45.1 billion.

In March, Egypt’s NIRs continued its incremental rebound to reach $40.3 billion.