The Central Bank of Egypt will issue treasury bills on behalf of the Ministry of Finance worth 60 billion pounds tomorrow, Sunday 10-11-2024.
Tenders for treasury bills
According to the bank’s website, the value of the first offering is 40 billion pounds for a period of 91 days, while the value of the second offering is 20 billion pounds for a period of 273 days.
Treasury bills are considered a short-term government borrowing instrument, which are issued by the Ministry of Finance at maturities of 91, 182, 273 and 364 days.
The decision to fix interest rates
It is worth noting that last October 17, the Central Bank of Egypt decided to stabilize interest rates in the sixth meeting of the Monetary Policy Committee for the current year.
The Monetary Policy Committee at the Central Bank of Egypt said that it decided to maintain the overnight deposit and lending rates and the Central Bank’s main operation rate at 27.25%, 28.25% and 27.75%, respectively, and the credit and discount rates were fixed at 27.75%.
Foreign reserves increased to $46.94 billion by the end of October 2024
The Central Bank of Egypt announced that net foreign reserves amounted to $46.94 billion at the end of October 2024, an increase of $200 million compared to $46.74 billion at the end of September 2024.
The Central Bank explained that the value of foreign currencies deposited in the cash reserve reached $35.497 billion at the end of October 2024, compared to $35.996 billion at the end of September 2024. The balance of special drawing rights also recorded about $293 million in October 2024, compared to $20 million at the end of September 2024. .
The bank indicated that the value of gold balances included in foreign exchange reserves rose to $11.154 billion at the end of October 2024, compared to $10.723 billion at the end of the previous month.
Egypt’s foreign reserves consist of a basket of major currencies, including the dollar, euro, pound sterling, Japanese yen, and Chinese yuan.
Net international reserves (NIR) reflect the external assets in tradable foreign currencies that Egypt holds outside its borders to provide the necessary insurance and liquidity, and to ensure that the state fulfills its obligations.
The reserve is also used as a buffer against the negative effects resulting from global economic crises that may affect the balance of payments, and the Central Bank of Egypt is the body responsible for managing these reserves.
The primary function of the central bank’s foreign exchange reserves, including gold and international currencies, is to provide basic goods and pay installments and interest on foreign debts, in addition to confronting economic crises in exceptional cases.
