Egypt's central bank issues LE 19B in T-bills Sunday

CAIRO - 3 May 2020: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is set to issue LE 19 billion in treasury bills on Sunday, May 3.

The T-bills will be offered in two installments; the first installment is valued at LE 8.5 billion with a 91-day term and the second is worth LE 10.5 billion with a 273-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.

The Monetary Policy Committee of the Central Bank of Egypt (CBE) decided April 2 to keep the overnight deposit rate, the overnight lending rate, and the rate of the main operation at 9.25 percent, 10.25 percent, and 9.75 percent, respectively. Moreover, credit and discount rates are cut at 9.75 percent from 12.75 percent.

Earlier, CBE decided to cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation in an emergency meeting by 300 basis points.

Egypt's 2020/2021 draft budget aims to reduce public debt of GDP to 82.7 percent by end of June 2021, up from earlier target of 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.