Egypt Central Bank raises 145 billion import bonds
The Central Bank of Egypt has decided to borrow 145 billion Egyptian pounds through the issuance of treasury bills for 182 and 364 days at a high interest rate of 25.07%. The aim is to finance the budget deficit and strengthen liquidity. The bills were auctioned on Sunday, with offerings totaling 40 billion pounds for a 3-month tenor and 70 billion pounds for a 9-month tenor. Investors submitted bids totaling 180.07 billion pounds for the 182-day bills and 104.98 billion pounds for the 364-day bills, with interest rate requests ranging between 26.02% and 26.16%. On the supply side, the ministry approved bids worth 97.06 billion pounds for 182 days at a weighted average yield of 25.86%, and 48.46 billion pounds for 364 days at an interest rate around 25.07%. The Monetary Policy Committee also decided to keep the key interest rates steady, with the deposit rate at 19.00% and the lending rate at 20.00%, maintaining a tight monetary policy stance.
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