Local and foreign financial institutions offered to invest $1.28bn in the dollar-denominated treasury bills (T-bills) issued by the Central Bank of Egypt (CBE) on Monday. On behalf of the Ministry of Finance, the CBE floated T-bills worth $1.1bn. According to data obtained by Daily News Egypt, the CBE accepted $1.1bn of the total bids. The interest rates on the dollar-denominated T-bills were decided in accordance with a number of factors, most prominently the dollar liquidity in the market, the alternative investment opportunities available for the local and foreign financial institutions that invest in the bills, and the country’s credit rating. The CBE allows local banks and foreign institutions to subscribe to the bills with a minimum of $100,000 and its multiples.

Source: Daily News Egypt May 07, 2018 17:37 UTC