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In recent weeks, the value of the US dollar against the local currency in the Egyptian informal market skyrocketed in which is believed to be a direct consequence of the ongoing deadly Israeli war on Gaza.
The Central Bank of Egypt (CBE) auctioned on Monday, 13 November, 1.61 billion-US-dollar denominated treasury bills in a bid to overcome the shortage of the greenbacks attributed to the Israeli offensive against the Palestinian Gaza Strip that has entered its sixth week.
The CBE’s highest debt instruments offering in US dollars since May 2020, the treasury bills will be repaid on 12 November 2024 at a yield yet to be declared, local state-run Al-Ahram newspaper reported online, citing an official CBE statement.
A T-Bill is a short-term debt duty backed by the Ministry of Finance with a maturity of one year that depends on interest rate expectations.
Usually, CBE issues T-Bills on behalf of the finance ministry to cover the budget deficit.
In recent weeks, the value of the US dollar against the local currency in the Egyptian informal market skyrocketed, which is believed to be a direct consequence of the ongoing deadly Israeliwar on Gaza.
Morocco is the second largest importer of Russian wheat after Egypt