The Central Bank of Egypt announced the sale of one-year dollar treasury bills worth $980.5 million in a tender with an average return of 4.5%.
The Central Bank, on behalf of the Ministry of Finance, resells treasury bills in foreign currency, euros or dollars, to investors from banks as their counterparts approach maturity.
The government borrows through treasury bonds and bills over different time periods, and government banks are the largest buyers of them.
At its last meeting, the Monetary Policy Committee decided to keep the deposit and lending rates unchanged at 27.25% and 28.25%, respectively, and the credit and discount rates at 27.75%.
