Egypt sells dollar-dominated T-bills worth $988.5M

CAIRO – 28 April 2021: Egypt sold $ 988.5 million in one-year dollar-denominated treasury bills (T-bills), with an average yield of 3.095 percent, the Central Bank of Egypt (CBE) said Wednesday, according to Reuters.

It added that the settlement of the bid is due on May 4.

Earlier in December, Egyptian Finance Minister Mohamed Maait said that foreign investments in Egyptian debt instruments exceed $ 23 billion.

The draft general budget for Egypt for the fiscal year 2021/2022 showed that the government expects an increase in financing needs by 7.1 percent to LE 1.068 trillion ($ 68.1 billion), compared to LE 997.7 billion expected in the current fiscal year 2020/2021.

In the draft budget, Egypt aims for domestic funds to reach LE 990.133 billion, compared to LE 832.293 billion in 2020/2021, and external financing of LE 78.375 billion, down from LE 165.440 billion.

On Nov. 17, CBE said on that it sold $1.585 billion in one-year dollar-denominated treasury bills. The average yield was 3.394 percent.

On Nov. 9, CBE issued €690 million in euro-dominated treasury bills (T-bills).