The Central Bank of Egypt issues treasury bills in dollars’ worth $500 million

The Central Bank of Egypt announced today, Sunday, the launch of a tender to sell one-year dollar-denominated treasury bills worth $500 million, to be implemented on Monday.

Last April, the Central Bank issued similar treasury bills worth $980 million, as part of a debt restructuring plan.

This step came after the maturity of dollar treasury bills worth one billion dollars on April 30, when the return on those bills reached 4.9%.

Since the beginning of the year, the Central Bank has issued dollar treasury bills worth $1.85 billion through two auctions in January and February.

The International Monetary Fund expected that the Egyptian government would receive about $14 billion as a second installment from the “Ras El Hekma” project deal by last April 30, of which the Ministry of Finance is expected to direct $12 billion to reduce the country’s public debt.

The Urban Communities Authority sold about $15 billion of the value of the “Ras El Hekma” deal to the Central Bank of Egypt, of which the Central Bank will allocate $6 billion to the banking sector to facilitate the settlement of foreign exchange arrears.

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