CBE receives $1.03bn worth of bids for T-bills denominated in US dollar

The Central Bank of Egypt (CBE) Tuesday received 27 offers worth $1.03bn to cover one-year treasury bills (T-bills) denominated in the US dollar at $850m, due on 2 January 2024.

According to Central Bank, the bank accepted 21 of those offers with an interest that ranged between 4.64% as the lowest price, 4.651 as the highest price, and 4.649% as an average, compared to 4.59% as the lowest price, 4.6% as the highest price, and 4.598% as an average in the last similar tender offered by the Bank on 5 December 2022.

The proceeds of this bid were directed to pay off the maturity of a previous bid that the Central Bank offered on 4 January 2022, through which it obtained $852.9m.

The Central Bank allows both local banks and foreign institutions to subscribe to those bills, with a minimum subscription of $100,000 and its multiples.