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The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance has issued LE 12 billion in treasury bonds (T-bills) on Monday, September 20.
The T-bonds were offered in four installments, with the first valued at LE 7 billion with a two-year term, the second worth LE 2.5 billion with a five-year term, the third worth LE 1.5 billion with a 10-year term, and the fourth worth LE 1 billion with a 15-year 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, Sept. 16, 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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