The Central Financial institution of Egypt (CBE) introduced on Monday, 11 November, that it efficiently issued USD 1.57 billion (EGP 77.3 billion) in one-year USD-denominated treasury payments (T-bills), in accordance to a press release by the financial institution.
The sale attracted roughly USD 1.73 billion (EGP 85.1 billion) in bids, with a minimal yield of 4.48 p.c, a most of 5.25 p.c, and a weighted common yield of 4.56 p.c.
The CBE accepted 21 bids for the total USD 1.57 billion (EGP 77.3 billion) quantity at a weighted common yield of 4.49 p.c.
This marks Egypt’s fifth USD-denominated T-bill issuance in 2024, with earlier gross sales together with USD 500 million (EGP 24.6 billion) in June and three issuances earlier within the 12 months totaling over USD 2.9 billion (EGP 142.7 billion)
Final week, the CBE additionally bought EUR 642.8 million (EGP 33.6 billion) in euro-denominated T-bills, its second euro sale this 12 months.
Below its ongoing USD 8 billion (EGP 394 billion) mortgage program with the Worldwide Financial Fund (IMF), Egypt goals to cut back its gross debt-to-GDP ratio, which dropped from 95.7 p.c in FY 2022/2023 to 89 p.c in FY 2023/2024.
The nation targets an additional discount to roughly 83 p.c by FY 2026/2027.
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