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CBE to issue LE 17.2B in T-bills Sunday


Cairo: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is set to issue LE 17.2 billion in treasury bills on Sunday, April 21.
The T-bills will be offered in two installments; the first installment is valued at LE 8.5 billion with a 91-day term and the second is worth LE 8.7 billion with a 266-day term.
T-bills are issued every Sunday and Thursday.
The Finance Ministry will auction treasury bonds and bills at a total value of LE 184 billion during April, t-bills come with matures of a 91-day term, 182-day term, 273-day term and 364-day term worth LE 42.5 billion, LE 44 billion, LE 42.75 billion, and LE 46.5 billion, respectively.
During the fourth quarter of fiscal year 2018/2019, the ministry will auction treasury bills and bonds at a total value of LE 478.5 billion, t-bills come with matures of a 91-day term, 182-day term, 273-day term and 364-day term worth LE 750 billion, LE 110 billion, LE 250 billion, LE 114 billion, LE 111 billion, LE 750 billion, and LE 120 billion.
The Monetary Policy Committee of the Central Bank of Egypt (CBE) kept the overnight deposit rate and the overnight lending rate at 15.75 percent and 16.75 percent, respectively, during March meeting.
Previously, Ministry of Finance announced financial treatments on treasury bills and bonds, Finance Minister Mohamed Mait revealed that the reason behind the financial treatments of T-bills taxes, saying that its one of the rights of the treasury.
Mait notes the share of the treasury from the taxes wasnt collected before.
For the current fiscal year, the budget deficit is estimated to record LE 438.59 billion, or 8.4 percent, planned by the ministry to be financed through treasury bills and bonds and through international and Arab loans.
Foreign investments in treasury bills (T-bills) recorded LE 210.21 billion ($11.71 billion) by the end of October, compared to LE 234.52 billion ($13.06 billion) by the end of September, according to data from the Central Bank of Egypt (CBE).
Egypt needs to fund 2018/2019 budget by LE 714.64 billion; LE 511.21 billion will be provided by domestic debt instrument and the rest will come from foreign financing through the issuance of bonds and the IMF loan.
In November 2016, the Executive Board of the IMF approved a $12 billion loan as a financial assistance to Egypt to support the Egyptian economic reform program.
Upon the boards approval in November, Egypt floated its currency, losing around 50 percent of its value, as part of the economic reform program which imposed taxes, including the value-added tax (VAT), and cut energy subsidies, all with the aim of trimming the budget deficit.



Time Added: 2019-04-21 14:47:53
Source: arabfinance
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