CBE Issues T-Bills worth $ 854 million

By: Taarek Refaat

CAIRO, Jan. 6 (See)- The Central Bank of Egypt (CBE) issued on Sunday treasury bills (T-Bills) worth $ 854.1 million.

According to data published on the bank's website, the securities were issued, on behalf of the Ministry of Finance, with a maturity date of 364 days and at an average interest rate of 3.7 percent.

The CBE announced yesterday, a dollar auction worth $ 750 million for a maturity date of one year. The CBE received 30 requests worth $ 934.1 million.

The bank accepted $ 104.1 million more than the required amount.

The CBE sold last month $ 1.2 billion worth of T-bills, at a dollar auction, with an equivalent average rate of return.

T-Bills are securities the government sells in order to pay off growing debt. Buying securities is a form of lending a government an amount of cash in return of a reasonable earning.