Egypt’s c.bank offers $1.2bn T-bills to bridge state’s budget deficit gap

The Central Bank of Egypt (CBE) offered on Monday two types of treasury bills worth 19 billion Egyptian pounds ($1.2 billion), including 91-day term T-bills of 8.5 billion pounds, and 266-day term T-bills of 10.5 billion pounds to bridge the state’s budget deficit gap.

The maturity date of the 91-day term T-bills is scheduled to be on 24 November 2020, while the maturity date of the 266-day term T-bills is expected to be on 18 May 2021, according to the CBE.

On Sunday, the CBE offered T-bills worth 20.5 billion pounds over two terms to provide finances for the same purpose.

The first offer was 182-day term T-bills, which managed to attract 166 bids worth 19.17 billion pounds.

The accepted bids were 106 with a total of 12.4 billion, which exceeds the required amount estimated at 9.5 billion pounds, the bank said.

The second offer was 375-day term T-bills, which managed to attract 200 bids worth 28.88 billion pounds.

The accepted bids were 150 at a total of 24 billion pounds, which surpasses the required amount estimated at 11 billion pounds, according to the CBE.