FILE - CBE FILE - CBE

Egypt's central bank issues LE 21B in T-bills Thursday

Thu, Apr. 2, 2020
CAIRO – 2 April 2020: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is set to issue LE 21 billion in treasury bills on Thursday, April 2.

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 11 billion with a 364-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.

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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