Egypt puts out treasury bills worth total of EGP 39.5bln

The Central Bank of Egypt (CBE) is issuing treasury bills (T-bills) worth 39.5 billion Egyptian pounds, in coordination with the Ministry of Finance to fund the budget deficit, the bank announced on Thursday.

The first issue amounts about 16 billion pounds with a 182-day tenor, while the second issue totals 23.5 billion pounds for a 364-day tenor, the central bank added through its official website.

CBE’s Monetary Policy Committee decided to raise interest rates by 200 basis points at the beginning of the month. This was for the first time in 2023, after being installed at its first meeting during February.