Al Mal-


The Central Bank of Egypt(CBE) sold treasury bills on behalf of the Ministry of Finance at a price higher than the required offering for the first time in several months.
The data published on the Central Bank’s website revealed that it sold treasury bills worth EGP 159.43 billion for maturities of 91, 273, 182 and 364 days, while the Ministry of Finance had only offered about EGP 115 billion.
Treasury bills are defined as a government debt instrument issued for a period ranging from three months to one year; therefore, they are considered short-term financial papers.
Institutions submitted 269 offers for a term of 182 days, worth EGP 91.316 billion, requesting an interest rate of 29.61%, and 83 offers for a term of 364 days, worth EGP 52.58 billion, requesting an interest rate of about 28.77%. Banks and institutions also submitted 49 offers worth EGP 29.36 billion for a term of 273 days, requesting an interest rate of about 30.089%, and 691 offers worth EGP 159.31 billion for a term of 91 days, with a weighted average return of about 29.93%. On the other hand, the Ministry of Finance accepted about 153 offers for a period of 182 days, worth EGP 50.61 billion, with a weighted average return of 29.25%, and 45 offers for a period of 364 days, worth EGP 20.44 billion, with an interest rate of about 26.246%. It also accepted about 9 offers worth EGP 1.22 billion for a period of 273 days, with a weighted average return of about 26.98%, and 467 offers worth EGP 87.16 billion, with a weighted average return of about 29.809% for a period of 91 days. It is noteworthy that the Monetary Policy Committee of the Central Bank of Egypt had decided in its last meeting to maintain the overnight deposit and lending rates and the Central Bank’s main operation rate at 27.25%, 28.25% and 27.75% respectively. It also decided to maintain the credit and discount rate at 27.75%.