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EGYPT: CENTRAL BANK ISSUES LE 20.5B IN T-BILLS

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Central Bank of Egypt

The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, announced plans to issue LE 20.5 billion in treasury bills (T-bills) last week Thursday, September 9.

The T-bills were offered in two installments, with the first valued at LE 5.5 billion with a 182-day term, and the second worth LE 15 billion with a 364-day term.

Earlier, the Ministry of Finance announced the possibility of reducing the accepted quantities of bills and bonds bids on the public treasury, issued in local currency until the end of the current fiscal year.

For the current fiscal year, the budget deficit is estimated to record 6.6 percent of gross domestic product (GDP), planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

The Monetary Policy Committee of the Central Bank of Egypt (CBE) decided Thursday, August 5, to keep the overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 8.25 percent, 9.25 percent, and 8.75 percent, respectively. The discount rate was also kept unchanged at 8.75 percent.

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