CBE to issue LE 20.5B in T-bills Thursday

CAIRO – 26 March 2020: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is set to issue LE 20.5 billion in treasury bills on Thursday, Mar. 26.

The T-bills will be offered in two installments; the first installment is valued at LE 10 billion with a 182-day term and the second is worth LE 10.5 billion with a 357-day term.

T-bills are issued every Sunday and Thursday.

For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

The Monetary Policy Committee of the Central Bank of Egypt (CBE) decided March 16 to cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation in an emergency meeting by 300 basis points.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to reach 9.25 percent, 10.25 percent, and 9.75 percent, respectively.

Moreover, credit and discount rates are cut at 9.75 percent from 12.75 percent.