On Tuesday, The Central Bank of Egypt (CBE) auctioned EGP 40 b ($1.3 b) in treasury bills (T-bills) in two maturities to fund the government debt.
The first issue, worth EGP 22.5 b, has a 91-day tenor that matures on October 3rd. The second issue, worth EGP 15.7 b, has a 273-day tenor that matures on April 2, 2024.
The CBE typically issues T-bills on behalf of the Ministry of Finance to fund the budget deficit.
On 26 June, the CBE auctioned EGP 43 b in T-bills in two issues, of which around EGP 2.2 b in bids have been accepted at an average yield of 23.5%.
It’s worth mentioning that Egypt’s foreign debt fell during the first quarter (1Q) of FY2022/2023 (July-September) to $154.9 b, down from $155.7 b in the corresponding quarter of FY2021/2022.
