Egypt's central bank issues LE 18.5B in T-bills Sunday

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Sun, 06 Jun 2021 - 12:51 GMT

FILE - CBE

FILE - CBE

CAIRO – 6 June 2021: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is set to issue LE 18.5 billion in treasury bills (T-bills) on Sunday, June 6.

 

The T-bills were offered in two installments, with the first valued at LE 11 billion with a 91-day term, and the second worth LE 7.5 billion with a 273-day term.

 

For the current fiscal year, the budget deficit is estimated to record 6.3 percent of gross domestic product (GDP), 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 Wednesday, April 28, to keep the overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 8.25 percent, 9.25 percent, and 8.75 percent, respectively. The discount rate was also kept unchanged at 8.75 percent.

 

Egypt's 2020/2021 draft budget aims to reduce public debt of GDP to 82.7 percent by end of June 2021, up from earlier target of 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.

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