The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is set to issue LE 26.5 billion in treasury bills (T-bills) on Thursday, Dec. 22.
The T-bills were offered in two installments, with the first valued at LE 5 billion with a 182-day term, and the second worth LE 21.5 billion with a 364-day term.
The government borrows through bonds and treasury bills over different periods of time, and government banks are the largest purchasers of them.
The Ministry of Finance intends to offer 27 bids for treasury bills and bonds worth LE 270 billion during December, as part of a government plan that aims to borrow LE 878.5 billion from the local market during the second quarter of the new fiscal year 2022/2023.
The banks operating in the Egyptian market are the largest sectors investing in bonds and treasury bills, which the government periodically offers to cover the state’s general budget deficit.
The Ministry of Finance had revealed that the volume of outstanding balances of local T-bills and bonds amounted to about LE 4.4.348 trillion until the end of October 2022.
According to the latest report published by the ministry on its website, the volume of outstanding balances of treasury bills until the end of October amounted to about LE 1.767 trillion, while the volume of outstanding balances of treasury bonds amounted to about LE 2.580 trillion.