Egypt's central bank auctions 40 bln EGP in T-bills to fund budget deficit

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Egypt's central bank auctions 40 bln EGP in T-bills to fund budget deficit

STORY: Egypt's central bank auctions 40 bln EGP in T-bills to fund budget deficit DATELINE: April 10, 2023 LENGTH: 00:00:45 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the Egyptian Ministry of Finance 2. various of the Central Bank of Egypt 3. various of Egyptian banknotes STORYLINE: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, auctioned treasury bills (T-bills) worth 40 billion Egyptian pounds (EGP) (about 1.3 billion U.S. dollars) on Sunday, divided into two issues. The first issue amounts to 23 billion EGP, with a 91-day tenor that matures on July 11, while the second issue totals 17 billion EGP, with a 273-day tenor, maturing on January 9, 2024. This auction follows the CBE's previous auction of T-bills on April 4 with a total value of 38 billion EGP, including 91-day, 182-day, 273-day, and 364-day tenors. The accepted bids amounted to 4.97 billion EGP, with an average yield of 22.3 percent. The CBE typically issues T-bills to fund the budget deficit. The cou

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