Total foreign investments in Egyptian treasury bills rose to $35.26 billion by the end of January, up from $32.05 billion at the end of December.
According to data, the T-bills were pegged at EGP 50.3 per U.S. dollar.
Treasury bills are government debt instruments issued for terms ranging from three months to one year; therefore, they are considered short-term securities.
The Central Bank of Egypt, on behalf of the Ministry of Finance, recently sold $984.9 million in one-year dollar-denominated treasury bills.
Meantime, the Monetary Policy Committee of the Central Bank of Egypt (CBE) decided, in its last meeting, to reduce the overnight deposit and lending rates, as well as the rate of the central bank's main operation, by 225 basis points to 25.00%, 26.00%, and 25.50%, respectively. It also decided to reduce the credit and discount rates by 225 basis points to 25.50%.
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