Egypt’s 9-Month Treasury Bill Yield Falls to Lowest Level Since mid-2023

The weighted average yield on Egypt’s nine-month Treasury bills declined to 23.68%, marking its lowest level since early July 2023, according to data published on the Central Bank of Egypt (CBE) website.

The decline reflects easing borrowing costs in the domestic debt market, following recent monetary policy adjustments by the central bank.

During the most recent auction, banks and financial institutions submitted 530 bids for 273-day Treasury bills, totaling EGP 132.46 billion, with requested yields averaging 24.087%.

The Ministry of Finance accepted 305 bids worth EGP 63.709 billion, at a weighted average yield of 23.68%, underscoring increased appetite for government debt despite the lower return.

Treasury bills are short-term government debt instruments with maturities ranging from three months to one year, and are widely used by the state to finance budgetary needs.

In a separate auction, the Central Bank sold EGP 111.94 billion worth of Treasury bills with maturities of 91 and 273 days, as part of its regular debt issuance program.

For the 91-day bills, institutions submitted 2,041 bids totaling EGP 75.46 billion, seeking an average yield of 24.47%. The Ministry of Finance accepted 1,923 bids worth EGP 48.24 billion, at an average yield of 24.41%.

The decline in Treasury bill yields comes after the Monetary Policy Committee (MPC) of the Central Bank of Egypt decided, at its meeting on December 25, 2025, to cut key interest rates by 100 basis points.

Under the decision, the overnight deposit rate was reduced to 20.00%, the overnight lending rate to 21.00%, and the main operation rate to 20.50%. The discount and credit rate was also lowered by 100 basis points to 20.50%.