Egypt CBE sells T-bills worth EGP 141.2 bln

In the first issuance, the CBE sold T-bills amounting to about EGP 60.6 billion for a maturity period of 364 days. This issuance received offers totalling EGP 106.1 billion, with the bank accepting 162 out of 230 bids. The average yield for this tranche was recorded at 24.533 percent, slightly below the weighted average yield of 25.361 percent offered.

The second issuance saw a total sale of almost EGP 80.6 billion in T-bills with a maturity of 182 days. The bank accepted 265 offers from a total of 588 submitted, achieving an average yield of 26.16 percent, compared to a weighted average yield of 26.554 percent from the offers.

Earlier, the CBE disclosed plans to issue T-bills worth EGP 100 billion during the same auction session, split evenly between maturities of 364 days and 182 days. This move is part of a broader strategy, as the Ministry of Finance aims to issue debt instruments totalling around EGP 1.983 trillion in local currency during the third quarter of the fiscal year 2024-2025.

In a related development, the CBE recently completed another auction in which it sold EGP 168.9 billion in treasury bills, highlighting robust investor interest amid requests surpassing EGP 456 billion.

As Prime Minister Mostafa Madbouly stated in December, Egypt’s current financing needs range between $20 and $22 billion.

The CBE’s Monetary Policy Committee (MPC) remains focused on maintaining economic stability. Recently, it decided to keep interest rates on overnight deposits and lending unchanged at 27.25 percent and 28.25 percent, respectively.

It is worth noting that Egypt engages in an Extended Fund Facility (EFF) loan programme with the International Monetary Fund (IMF) for a total amount of $8 billion. The programme ends in September 2026. Meanwhile, the IMF has recently approved a new loan package worth $1.3 billion over 18 months for Egypt under the Sustainability and Resilience Facility (RSF) mechanism.