According to information provided by the Central Bank of Egypt (CBE), the total amount of outstanding treasury bills (T-bills) in Egypt decreased by 4.84 percent from EGP 1.96 trillion ($63.43 billion) in March to EGP 1.866 trillion ($60.38 billion) in April 2023.
The total quantity of Treasury bills issued by the government that have not yet reached maturity or been redeemed is represented by outstanding T-bill balances. Short-term government debt obligations, or T-bills, have maturities of one year or less.
Foreign consumers’ total holdings of Egyptian T-bills increased to EGP 392.5 billion in April from EGP 379.6 billion in March.
T-bills held by private banks in Egypt decreased from EGP 388.7 billion in March to EGP 359.2 billion in April.
Egypt’s T-bills were held by public sector banks for EGP 222.5 billion in April, down from EGP 245.7 billion in March.
The amount of short-term debt the government still owes to holders of Treasury bills is tracked by their outstanding balance, which affects short-term borrowing rates, liquidity circumstances, and monetary policy.
According to projections from the International Monetary Fund (IMF), Egypt is currently experiencing a $17 billion financial imbalance that will continue through 2026.
The nation is attempting to close the gap mostly through the sale of state-owned businesses and support from international financial institutions.
According to CBE data, Egypt’s foreign debt increased over the first half of the fiscal year 2022/2023 from $155.7 billion after the previous fiscal year to $162.9 billion.
In the first half of FY2022/2023 (July-December 2022), according to current sources, Egypt’s budget deficit increased to about EGP 367 billion (almost $12 billion), or around 4% of GDP.
Due to strong demand for bonds from frontier markets like Pakistan and Ghana, Egypt’s sovereign USD-denominated bonds saw a minor boost in returns on global markets, rising over 1%, according to Tradeweb via Reuters.
