The Central Bank of Egypt (CBE) has received 26 offers, valued at $720m, for investment in the local treasury bills (T-Bills) auction launched on Monday. The T-Bills auction seeking $500m is due on 8 June 2021. The proceeds of this bid shall go towards paying the value of a previous bid of $715m, launched by the CBE on 11 June 2019 which is due on Tuesday. The CBE accepted 20 offers worth a total of $509.3m, with interest ranging between 3.42% as the lowest price, 3.45% as the highest price, and 3.446% as an average. This compared to 3.47% as the lowest price and 3.5% as the highest price, and 3.495% as an average in the last similar bid in May. The CBE rejected other offers from investors who requested a return of 4.4%. It allows subscriptions to these bills from both local banks and foreign institutions, with a minimum subscription of $100,000 and its multiples. The return on these dollar-denominated T-Bills is determined according to several indicators, the most important of which are the amount of dollar liquidity in the market. Other important indicators include the alternative investment opportunities available to local and foreign banks and financial institutions, and the state's credit rating. In a different context, the Egyptian pound appreciated against the US dollar to record EGP 16.1428 for selling and EGP 16.2428 for buying. This records a rise from the EGP 16.1683 for selling and EGP 16.2683 for buying reported on Sunday.
