Egypt’s c. bank issues EGP 70 bln T-bills

The Central Bank of Egypt (CBE) is auctioning off 70 billion Egyptian pounds in treasury bills (T-bills) on Thursday, in collaboration with the Ministry of Finance, according to its website.

The bills are being offered in two tranches:  35 billion pounds for a 182-day period and another 35 billion pounds for a 364-day period. Treasury bills are short-term government debt instruments with maturities ranging from three months to a year.

The Ministry of Finance has authorised the CBE to manage the issuance of treasury bills and bonds in Egyptian pounds for the fiscal year 2023-2024, with the proceeds earmarked for funding the general budget.