The Central Bank of Egypt (CBE) announced on Monday, 11 November, that it successfully issued USD 1.57 billion (EGP 77.3 billion) in one-year USD-denominated treasury bills (T-bills), according to a statement by the bank.
The sale attracted approximately USD 1.73 billion (EGP 85.1 billion) in bids, with a minimum yield of 4.48 percent, a maximum of 5.25 percent, and a weighted average yield of 4.56 percent.
The CBE accepted 21 bids for the full USD 1.57 billion (EGP 77.3 billion) amount at a weighted average yield of 4.49 percent.
This marks Egypt’s fifth USD-denominated T-bill issuance in 2024, with previous sales including USD 500 million (EGP 24.6 billion) in June and three issuances earlier in the year totaling over USD 2.9 billion (EGP 142.7 billion)
Last week, the CBE also sold EUR 642.8 million (EGP 33.6 billion) in euro-denominated T-bills, its second euro sale this year.
Under its ongoing USD 8 billion (EGP 394 billion) loan program with the International Monetary Fund (IMF), Egypt aims to reduce its gross debt-to-GDP ratio, which dropped from 95.7 percent in FY 2022/2023 to 89 percent in FY 2023/2024.
The country targets a further reduction to approximately 83 percent by FY 2026/2027.
