Egypt’s CBE auctions EGP 86.25 bln treasury bills & bonds in 6 types
The Central Bank of Egypt (CBE) auctioned EGP 86.25 billion ($2.8 billion) worth of treasury bills and bonds on Tuesday15/8/2023, according to the bank’s website.
The CBE auctioned EGP 82 billion in treasury bills in four issuances.
he first issuance is worth EGP 18.5 billion and matures on 13 December 2024, and the second issuance is worth EGP 23.5 billion and matures on 13 August 2024.
The third issuance has a value of EGP 22.5 billion and matures on 14 November 2023.
The fourth is valued at EGP 17.5 billion and matures on 14 May 2024.
The CBE also auctioned EGP 4.25 billion treasury bonds in local currency in two issuances.
The first issuance is worth EGP 4 billion and matures on 11 July 2026.
The second is worth EGP 250 million and matures on 13 October 2027.
On Monday14/8/2023, the CBE auctioned €600 million ($656.29 million) worth of treasury bills.
Usually, the CBE issues treasury bills and bonds on behalf of the Ministry of Finance to finance the country’s budget deficit.
Egypt’s budget deficit accounted for six percent of its GDP in the FY2022/2023, according to Minster of Finance Mohamed Maait.
The country’s debt-to-GDP ratio was estimated at 95.6 percent for FY2022/2023.
GDP stood at EGP 9.8 trillion ($318.23 billion) in FY2022/2023.
The government has increased its budget deficit estimate to 6.9 percent of GDP for FY2023/2024, which started on 1 July.
According to the latest data released by the CBE, Egypt’s gross domestic debt reached EGP 4.74 trillion ($153.3 billion) in June 2020.
More up-to-date figures showed that the country’s external debt increased by 5.1 percent in Q4 of 2022.
Egypt is coping with a shortage of US dollar liquidity in the local market and a financing gap estimated at $17 billion through 2026.
The country has been increasing its efforts to fulfil its commitments to the IMF under the Extended Fund Facility (EFF) loan programme, approved in December 2022.
Under the agreement, the government aims to decrease the gross debt-to-GDP ratio to approximately 83 percent by FY2026/27.
