Economics

CBE to issue LE 18.7B in T-bills Sunday

CAIRO – 22 September 2019: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is set to issue LE 18.75 billion in treasury bills on Sunday, Sep.22.
The T-bills will be offered in two installments; the first installment is valued at LE 9.7 billion with a 266-day term and the second is worth LE 9 billion with a 91-day term.
T-bills are issued every Sunday and Thursday.
For the current fiscal year, the budget deficit is estimated to record LE 445.1 billion, or 7.2 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.
Earlier in August, The Monetary Policy Committee of the Central Bank of Egypt (CBE) cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 150 basis points.
The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 14.25 percent, 15.25 percent, and 14.75 percent, higher than economists’ expectations.
A number of economists said the appeal of foreigners to Egyptian debt instruments would continue even after interest rates were cut.
Experts predict that interest rates on debt instruments will continue to fall due to falling interest rates, especially as they recorded a decline in their latest offer.
The Ministry of Finance aims to reduce the government debt to GDP ratio to 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.



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