The Central Bank of Egypt (CBE) said that it received 24 bids worth $540.6m from local and international investors, on Monday, to cover the local US dollar denominated Treasury bills (T-bills) tender.
The CBE launched this tender amounting to $500m for a one-year term, due on 7 June 2022.
The proceeds of this bid will be used to pay the value of a previous tender launched by the CBE on 9 June 2020, for which it obtained $509.3m.
The CBE explained, on its website, that it has completely accepted the offers with an interest rate that ranged between 3.05% as the lowest price, 3.10% as the highest price, and 3.08% as the average. This remains almost unchanged from the last similar bid offered by the bank on 28 April 2021.
It allows local banks and foreign institutions to subscribe to these T-bills, with a minimum subscription of $100,000 and its multiples.
The return of these US dollar denominated T-bills is determined based on several indicators, the most important of which are the volume of dollar liquidity in the market. It also includes the alternative investment opportunities available to local and foreign banks and financial institutions, and the country’s credit rating.
