CAIRO – 19 June 2022: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is set to issue LE 22 billion in treasury bills (T-bills) on Sunday, June 19.
The T-bills were offered in two installments, with the first valued at LE 13 billion with a 91-day term, and the second worth LE 9 billion with a 273-day term.
For the current fiscal year, the budget deficit is estimated to record 5.7 percent of gross domestic product (GDP) in light of the Russian-Ukrainian crisis, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.
The Monetary Policy Committee (MPC) decided in May to raise the Central Bank of Egypt’s (CBE) overnight deposit rate, overnight lending rate, and the rate of the main operation by 200 basis points to 11.25 percent, 12.25 percent, and 11.75 percent, respectively. The discount rate was also raised by 200 basis points to 11.75 percent.