Egypt’s c. bank issues EGP60b t-bills

The Central Bank of Egypt (CBE) issued 60 billion Egyptian pounds in treasury bills for a period of 91 and 273 days, in coordination with the Ministry of Finance, the Federation of Egyptian Banks (FEB) reported on Sunday.

This comes through two issuances, the first issuance is valued at 30 billion Egyptian pounds for 91 days, while the second issuance is also valued at 30 billion pounds for 273 days.

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

The Monetary Policy Committee decided in its recent meeting to keep the overnight deposit and lending rates, and the main operation rate of the central bank at 27.25, 28.25, and 27.75 per cent, respectively, and the discount rate at 27.75 per cent.

Moreover, the Ministry of Finance authorises the central bank, throughout the fiscal year, to manage its issuances of treasury bills and bonds in Egyptian pounds, with the proceeds financing and expenditure allocated to the general budget of the state for the current fiscal year 2023-2024.