The Central Bank of Egypt (CBE) is set to auction local Treasury bills denominated in US dollars worth $500m on Monday. The proceeds from this auction will be used to settle a previous auction issued on June 6, 2023, during which the central bank raised $554.1m. In a similar auction held on 29 April 2023, the CBE received 23 bids totalling $1.1176bn from both local and foreign investors. Local banks and foreign institutions are allowed to subscribe to these dollar-denominated Treasury bills, with a minimum subscription of $100,000 and multiples thereof. The central bank then reviews these requests and accepts suitable bids.

Source: Daily News Egypt June 03, 2024 06:24 UTC