Central Bank of Egypt to issue $850m US dollar-denominated T-bills

The Central Bank of Egypt (CBE) will issue on Monday US dollar-denominated treasury bills (T-bills), worth $850m for a year, due on 2 January 2024.

The CBE uses the proceeds of this T-bills bid to pay the value of a previous bid submitted by the bank on 4 January 2022 at a value of $852.9m.

The Central Bank of Egypt had received 22 offers at a value of $1.140bn to cover a similar bid it put out on 5 December, at a value of $990m.

According to the Central Bank’s data, on its website, the bank accepted 16 of those offers at the same offering value. Interest rates ranged between 4.59% as the lowest price, 4.6% as the highest price, and 4.598% as an average. This comes after the recent rises in the interest of the dollar globally and locally.

It is noteworthy that the CBE allows subscribing to these T-bills for both local banks and foreign institutions, with a minimum subscription of $100,000 and its multiples.