Egypt offers $1.092bn worth of treasury bills

Egypt is this year issuing treasury bills worth $1.092 billion, each bill is worth $1, the central bank announced in statement today.

The offer, open to both local and foreign financial institutions, has an average yield of 3.62 per cent and is to be repaid in February 2018.

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Treasury bills are short-term debts issued by the government with maturity periods ranging from three to six months. They are usually issued by the state’s finance ministry through the central bank to local and foreign institutions.

Following a notable increase in Egypt’s external debt, which reached $60.152 billion last September, the government has decided to borrow from international institutions by issuing treasury bills.