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Local banks lent the Egyptian Ministry of Finance US$ 819 million through investing in dollar-denominated T-bills offered in an auction on Monday.
The Ministry stated that it offered 364-day dollar-denominated T-bills worth US$ 750 million, but the banks’ higher-than-expected demand raised the yields to US$ 819 million.
The yields on 364-day T-bills ranged from 3.70% to 3.80%, while the average rate registered 3.79%. The yields of dollar T-bills vary according to the value of dollar liquidity with banks.
The Ministry of Finance sells dollar-denominated T-bills so as to strengthen its foreign reserves.
