By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt starts trial operation of ‘Iqat’ gold mine: Minister of Petroleum 
    Egypt starts trial operation of ‘Iqat’ gold mine: Minister of Petroleum 
    March 22, 2023
    Egypt aims to attract 30 million tourists in 2028: Tourism Minister
    Egypt aims to attract 30 million tourists in 2028: Tourism Minister
    March 22, 2023
    KOICA holds final consulting workshop on enhancement of public e-procurement project in Egypt
    KOICA holds final consulting workshop on enhancement of public e-procurement project in Egypt
    March 22, 2023
    CIB general assembly approves issuance of financial instruments worth $1bn 
    CIB general assembly approves issuance of financial instruments worth $1bn 
    March 22, 2023
    BSH Home Appliances to invest €50m in state-of-art factory in Cairo
    BSH Home Appliances to invest €50m in state-of-art factory in Cairo
    March 22, 2023
  • Politics
    PoliticsShow More
    Drought caused 43,000 deaths in Somalia in 2022: UN
    Drought caused 43,000 deaths in Somalia in 2022: UN 
    March 22, 2023
    Opinion| The Chinese dragon occupies America's place in the Middle East
    Opinion| The Chinese dragon occupies America’s place in the Middle East
    March 22, 2023
    Al Azhar University partners with Google to empower students with latest learning solutions
    Al Azhar University partners with Google to empower students with latest learning solutions
    March 22, 2023
    Irrigation Minister discusses international cooperation with UNGA President
    Irrigation Minister discusses international cooperation with UNGA President 
    March 22, 2023
    Luxor hosts conference on climate change: Shoukry
    Luxor to host conference on climate change: Shoukry
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Finance Ministry accepts less T-bill purchasing offers to avoid raising interest
Share
Notification
Latest News
Drought caused 43,000 deaths in Somalia in 2022: UN
Drought caused 43,000 deaths in Somalia in 2022: UN 
Region Politics
Opinion| The Chinese dragon occupies America's place in the Middle East
Opinion| The Chinese dragon occupies America’s place in the Middle East
Politics Opinion World
Egypt starts trial operation of ‘Iqat’ gold mine: Minister of Petroleum 
Egypt starts trial operation of ‘Iqat’ gold mine: Minister of Petroleum 
Business
Egypt aims to attract 30 million tourists in 2028: Tourism Minister
Egypt aims to attract 30 million tourists in 2028: Tourism Minister
Tourism
KOICA holds final consulting workshop on enhancement of public e-procurement project in Egypt
KOICA holds final consulting workshop on enhancement of public e-procurement project in Egypt
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Finance Ministry accepts less T-bill purchasing offers to avoid raising interest
Business

Finance Ministry accepts less T-bill purchasing offers to avoid raising interest

Hossam Mounir
Last updated: 2022/12/27 at 12:08 PM
By Hossam Mounir 3 Min Read
Share
Finance Ministry accepts less T-bill purchasing offers to avoid raising interest
SHARE

The Ministry of Finance said on Monday that it had to reduce the amount of accepted purchasing offers for the two treasury bill (T-bill) tenders that were launched on Sunday, in order to avoid increasing the interest rates after the Central Bank of Egypt (CBE) raised basic rates 3% last Thursday.

The move aims to avoid increasing the public debt service, the ministry added.

The Ministry of Finance offered EGP 8bn worth of 91-day T-bills, for which it received about EGP 30.414bn worth of purchasing offers, with a return of about 22%. The ministry accepted only EGP 1.553bn worth offers, with a return ranging between 17.5% as the lowest price, 18.149% as the highest price, and 18.088% as an average, compared to 16.1%, 18.149% and 18.07%, respectively, in the previous similar tender.

The ministry also tendered another T-bill issuance worth EGP 20bn for 273 days, for which it received about EGP 17.795bn worth of offers, with a return of about 23.5%. The ministry accepted only about EGP 48m offers, with a return ranging between 18.699% as the lowest price, 18.851% as the highest price, and 18.821% as an average, compared to 18.5%, 18.87% and 18.8%, respectively, in the previous similar tender.

Last Thursday, the Monetary Policy Committee decided to raise the basic interest rates at the Central Bank by 3%, to reach 16.25% for deposits, 17.25% for lending, and 13.75% for the credit and discount rate and the price of the main operation.

Figures obtained by Daily News Egypt earlier revealed the Ministry of Finance’s intention to issue 27 tenders of T-bills and bonds worth EGP 270bn during December. It comprises 16 T-bill tenders worth EGP 217bn and 11 bond tenders worth EGP 53bn.

The banks operating in the Egyptian market are the largest sectors investing in bonds and treasury bills that the government offers periodically to cover the state budget deficit.

These bonds and bills are offered through 15 banks that participate in the system of “primary dealers” in the “primary market”, and those banks resell part of them in the “secondary market”, to individual and local and foreign institutional investors.

You Might Also Like

Egypt starts trial operation of ‘Iqat’ gold mine: Minister of Petroleum 

Egypt aims to attract 30 million tourists in 2028: Tourism Minister

KOICA holds final consulting workshop on enhancement of public e-procurement project in Egypt

CIB general assembly approves issuance of financial instruments worth $1bn 

BSH Home Appliances to invest €50m in state-of-art factory in Cairo

TAGGED: t-bill
Share this Article
Facebook Twitter Email Print
Previous Article Outstanding balance of local T-bills, bonds reaches EGP 4.3trn in November 2022: Finance Ministry Outstanding balance of local T-bills, bonds reaches EGP 4.3trn in November 2022: Finance Ministry
Next Article New Valley: Charming spot for health tourism in Egypt New Valley: Charming spot for health tourism in Egypt
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Drought caused 43,000 deaths in Somalia in 2022: UN
Drought caused 43,000 deaths in Somalia in 2022: UN 
Region Politics
Opinion| The Chinese dragon occupies America's place in the Middle East
Opinion| The Chinese dragon occupies America’s place in the Middle East
Politics Opinion World
Egypt starts trial operation of ‘Iqat’ gold mine: Minister of Petroleum 
Egypt starts trial operation of ‘Iqat’ gold mine: Minister of Petroleum 
Business
Egypt aims to attract 30 million tourists in 2028: Tourism Minister
Egypt aims to attract 30 million tourists in 2028: Tourism Minister
Tourism
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?