CAIRO - 26 March 2023: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is set to issue LE 34 billion in treasury bills (T-bills) on Sunday, March 26.
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 21 billion with a 273-day term.
The government borrows through bonds and treasury bills over different periods of time, and government banks are the largest purchasers of them.
The banks operating in the Egyptian market are the largest sectors investing in bonds and treasury bills, which the government periodically offers to cover the state's general budget deficit.
The Monetary Policy Committee (MPC) decided, in February, to keep the Central Bank of Egypt’s (CBE) interest rates unchanged. The overnight deposit rate, overnight lending rate, and the rate of the main operation were kept on hold at 16.25 percent, 17.25 percent, and 16.75 percent, respectively.
The discount rate was also kept unchanged at 16.75 percent.
Egypt is witnessing an inflationary wave that has been accelerating almost every month since the beginning of 2022, as a result of the high costs of importing energy and food, due to the Russian-Ukrainian crisis, and the Corona epidemic crisis.