The Central Bank of Egypt (CBE) will offer a one-year Treasury bill (T-bill) auction denominated in US dollars on Monday, with a value of $950m and maturity set for 28 April 2026.
Proceeds from the auction will be used to cover the maturity of a previous dollar-denominated tender launched on 30 April 2024, through which the CBE withdrew $997.6m.
In a prior auction held on 4 February 2025, for $1bn over 364 days (maturing 3 February 2026), the CBE received 27 bids totaling $1.241bn. According to data published on the CBE’s website, 17 bids were accepted, amounting to $1.061bn at an interest rate of 4.25%. Some investors had requested yields as high as 5.3%, but those bids were rejected.
The CBE permits both local banks and foreign financial institutions to subscribe to these dollar-denominated T-bills, with a minimum subscription amount of $100,000, and in multiples thereafter.
Investors apply for the T-bills following the same process used for local currency issuances: each primary dealer bank submits its subscription request to the CBE, specifying the amount and the interest rate it is offering. The CBE then reviews the bids and selects the most appropriate offers.
The yield on these dollar-denominated bills is influenced by several key factors, including prevailing US dollar interest rates in global markets, alternative investment opportunities available to local and international financial institutions, and Egypt’s credit rating.
