The Central Bank of Egypt (CBE) Thursday treasury bills worth EGP 18 billion to finance the budget deficit, in coordination with the Ministry of Finance.
CBE added, on its website, that the value of the first offering amounts to EGP 10.5 billion for 182 days, while the value of the second offering is EGP 7.5 billion for 364 days.
The central bank issued bonds with a yield of 12.6% and a maturity date of 3-month, and a 6-month bond with a yield of 13.1%.
Moreover, the bank issued 12-month T-bills with an average yield of 12.9%.
The government borrows through treasury bonds and bills over different periods of time, and government banks are the largest buyers.
Earlier, the Egyptian Ministry of Finance announced the possibility of reducing the acceptable quantities of bids for bills and bonds on the public treasury, issued in local currency, until the end of the current fiscal year.
Egypt had received $2.7 billion from the International Monetary Fund (IMF), which represents the value of rapid credit financing granted to the Egyptian government.
Mohamed Maait, Minister of Finance, issued a decision to establish a unit in the tax authority, which is responsible for following up the collection of the tax returns of treasury bills and bonds, and examining and reviewing these returns.
Last November, the Monetary Policy Committee (MPC) of the Central Bank decided to reduce both the overnight deposit and lending rate and the bank's main operation rate by 50 basis points. to 8.25%, 9.25% and 8.75%, respectively.
In the first meeting of the Committee for 2021 early this month, the Central Bank of Egypt decided to keep interest rates in Egypt unchanged.
Follow the latest news on Google News
