Central Bank of Egypt offers LE60 bln in Treasury bills

The Central Bank of Egypt (CBE) offered LE60 billion in Treasury bills on Thursday through two tenders.

The first tender is for LE30 billion with a maturity of 182 days, and the second tender is for LE30 billion with a maturity of 364 days, according to the CBE’s website.

The Ministry of Finance authorizes the CBE to manage its own offerings of Treasury bills and bonds in Egyptian pounds throughout the fiscal year.

The government borrows money by issuing Treasury bills and bonds with different maturities.

Government banks are the largest buyers of these securities.

In its last meeting, the Monetary Policy Committee decided to raise the overnight deposit and lending rates, as well as the central bank’s main operations rate, by 200 basis points.

This brings the rates to 21.25 percent, 22.25 percent, and 21.75 percent, respectively.

The credit and discount rate was also raised by 200 basis points to 21.75 percent.

Edited translation from Al-Masry Al-Youm

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