Mon, 01 Feb 2021 - 12:21 GMT
CAIRO – 1 February 2021: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, issued LE 23 billion in treasury bills and bonds on Monday, Feb. 1.
The T-bills were offered in two installments, with the first valued at LE 5 billion with a 91-day term, and the second worth LE 11 billion with a 273-day term.
As for the t-bonds, they were valued at LE 7 billion with a seven-year 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 Thursday, Dec. 24, 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. Moreover, the discount rate was also kept 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.