CBE to issue LE 18.25B in T-bills Thursday

CAIRO – 21 March 2019: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is set to issue LE 18.25 billion in treasury bills on Thursday, March 21.

The T-bills will be offered in two installments; the first installment is valued at LE 8.75 billion with a 182-day term and the second is worth LE 9.5 billion with a 357-day term.

T-bills are issued every Sunday and Thursday.

The Monetary Policy Committee of the Central Bank of Egypt (CBE) cut the overnight deposit rate and the overnight lending rate at 15.75 percent and 16.75 percent, respectively, during 2019's first meeting.

CBE cuts interest rates at 15.75%, 16.75% in February

CAIRO - 14 February 2019: The Monetary Policy Committee of the Central Bank of Egypt (CBE) cut the overnight deposit rate and the overnight lending rate at 15.75 percent and 16.75 percent, respectively, during 2019's first meeting.

Previously, Ministry of Finance announced financial treatments on treasury bills and bonds, Finance Minister Mohamed Ma’it revealed that the reason behind the financial treatments of T-bills' taxes, saying that it's one of the rights of the treasury.
Ma'it notes the share of the treasury from the taxes wasn't collected before.

Financial modifications on T-bills save treasury rights: Min.

CAIRO-2 December 2018: Minister of Finance Mohamed Ma'it revealed the reason behind the financial treatments of T-bills' taxes, saying that it's one of the rights of the treasury. Ma'it notes the share of the treasury from the taxes wasn't collected before.

For the current fiscal year, the budget deficit is estimated to record LE 438.59 billion, or 8.4 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.

Foreign investments in Egyptian treasuries hit $15.8 billion during February 2019, according to Minister of Finance Mohamed Ma’it.

Foreign investments in government treasuries record $15.8B in Feb.

CAIRO - 6 March 2019: Foreign investments in Egyptian treasuries hit $15.8 billion during February 2019, according to Minister of Finance Mohamed Ma'it. Ma'it elaborated that this increased figure came as a result of the development of the Egyptian economy; in addition to the investors and financial institutions' trust in the Egyptian market and the continuous progress represented in the improvement of all financial indicators.

Egypt needs to fund 2018/2019 budget by LE 714.64 billion; LE 511.21 billion will be provided by domestic debt instrument and the rest will come from foreign financing through the issuance of bonds and the IMF loan.

In November 2016, the Executive Board of the IMF approved a $12 billion loan as a financial assistance to Egypt to support the Egyptian economic reform program.

Upon the board's approval in November, Egypt floated its currency, losing around 50 percent of its value, as part of the economic reform program which imposed taxes, including the value-added tax (VAT), and cut energy subsidies, all with the aim of trimming the budget deficit.