Egypt’s US-dominated T-bills latest offering attract $988.5 mln

Egypt’s US-dominated treasury bills (T-bills) which was offered  in latest auction has managed to attract $988.5 million, exceeding its target of $975 million amount.

The Central Bank of Egypt (CBE) offered US-dominated T-bills in one year term, due on 3 May 2022, and will be issued on Tuesday.

32 bids were submitted with a total value close to $1.2 billion; the CBE accepted 28 bids.

The T-bills were offered at an interest rate of 3 percent, up to 3.1 percent, with a weighted average interest rate of 3 percent, according to the CBE.

Besides this auction, in 2021, Egypt offered two tenders during January and February on the same T-bills type, with the same maturity of one-year.

The three auctions held in 2021 so far managed to attract an approximate total of $2.819 billion

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