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CBE to issue LE 18.7B in T-bills Thursday

Thu, Dec. 6, 2018
CAIRO – 6 December 2018: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is set to issue LE 18.7 billion in treasury bills on Thursday.

The T-bills will be offered in two installments; the first installment is valued at LE 9.2 billion with a 364-day term and the second is worth LE 9.5 billion with a 182-day term.

T-bills are issued every Sunday and Thursday.

During last week, Ministry of Finance announced financial treatment on treasury bills and bonds, Finance Minister Mohamed Ma’it revealed that the reason behind the financial treatments of T-bills' taxes, saying that it's one of the rights of the treasury.

Ma'it notes the share of the treasury from the taxes wasn't collected before.

Financial modifications on T-bills save treasury rights: Min.

CAIRO-2 December 2018: Minister of Finance Mohamed Ma'it revealed the reason behind the financial treatments of T-bills' taxes, saying that it's one of the rights of the treasury. Ma'it notes the share of the treasury from the taxes wasn't collected before.




Egypt to achieve GDP of 5.3% in 2017/18

CAIRO - 4 December 2018: Minister of Finance Mohamed Ma'it said that Egypt achieved an increase in the gross domestic product (GDP) to 5.3 percent in 2017/2018, up from an average of 2.3 percent between 2011 and 2014. The minister added that Egypt targets a growth rate of 5.8 percent during the current fiscal year 2018/2019.




For the current fiscal year, the budget deficit is estimated to record LE 438.59 billion, or 8.4 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

Foreign investments in treasury bills (T-bills) recorded LE 210.21 billion ($11.71 billion) by the end of October, compared to LE 234.52 billion ($13.06 billion) by the end of September, according to data from the Central Bank of Egypt (CBE).

Foreign investments in T-bills hit LE210.2B by end of October

CAIRO - 28 November 2018: Foreign investments in treasury bills (T-bills) recorded LE 210.21 billion ($11.71 billion) by the end of October, compared to LE 234.52 billion ($13.06 billion) by the end of September, according to data from the Central Bank of Egypt (CBE).




Egypt needs to fund 2018/2019 budget by LE 714.64 billion; LE 511.21 billion will be provided by domestic debt instrument and the rest will come from foreign financing through the issuance of bonds and the IMF loan.

In November 2016, the Executive Board of the IMF approved a $12 billion loan as a financial assistance to Egypt to support the Egyptian economic reform program.

Upon the board's approval in November, Egypt floated its currency, losing around 50 percent of its value, as part of the economic reform program which imposed taxes, including the value-added tax (VAT), and cut energy subsidies, all with the aim of trimming the budget deficit.
 
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