Ahmed Kamel – Egypt Daily News
The Central Bank of Egypt sold $961 million worth of one-year, U.S. dollar–denominated treasury bills on Monday, at an average yield of 3.5%, according to official data released by the bank.
The offering exceeded the targeted amount of $950 million, reflecting solid investor demand. The auction attracted 26 bids totaling approximately $1.141 billion, with investors seeking an average yield of 3.575%.
The newly issued treasury bills are set to replace a previous one-year dollar-denominated issuance valued at $1.06 billion, which is scheduled to mature on February 3. The earlier issue carried a higher average yield of 4.25%.
The lower yield on the latest auction points to improved investor confidence and easing funding costs for the government, amid broader efforts to stabilize Egypt’s foreign currency position and manage external financing needs. Dollar-denominated treasury bills are a key tool used by the government to attract foreign currency liquidity while rolling over existing obligations.
Market analysts note that continued oversubscription in such auctions suggests sustained appetite for Egypt’s sovereign dollar instruments, particularly as authorities pursue fiscal consolidation and external debt management strategies.
