Egypt's central bank issues LE 46.75B in T-bills, bonds

The Central Bank of Egypt (CBE) issued LE 46.75 billion in treasury bills and bonds (T-bills and T-bonds) in two installments on 8th Oct, 2023. The first installment was valued at LE 20 billion with a 182-day term, and the second worth LE 26.5 billion with a 364-day term. Additionally, LE 250 million T-bonds with a five-year term was also provided. The primary investors in these treasury bills and bonds are banks operating in the Egyptian market, a strategy regularly adopted by the government to cover the state's general budget deficit. These securities are offered through 15 banks participating in the Primary Dealers system in the primary market, which then resell a portion of them in the secondary market to both domestic and foreign individual and institutional investors. As of end of August 2023, the Ministry of Finance reported that the outstanding balances of local treasury bills and bonds were approximately LE 4.67 trillion.