Global Economics names Contact Financial Holding the Fastest Growing Finance Company in Egypt    EGYPS 2022 begins a year of strategic energy dialogue    Egypt's stocks mixed on Tuesday as main gauge EGX 30 falls 0.63%    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    BRICS development bank admits Egypt as new member    Nermien Ismail Schools opens a new campus in O'West    Netherlands Embassy, E7kky Magazine celebrate success of 21 Egyptian women    Women make up 45% of Egyptian Atomic Energy Authority staff    Yas Island hosts travel partners at Formula 1 Etihad Airways Abu Dhabi Grand Prix 2021    Olaf Scholz becomes Germany's new leader, ending Merkel 16-year historic era    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    The unvaccinated prohibited from entry to Egypt state institutions starting December 1    Egypt's iron and steel exports jump 197% in 8 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    Brazil calls up 8 EPL players for World Cup qualifying    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Sisi calls on House, Senate to commence second legislative sessions on 3, 5 October    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    On International Museum Day, Egypt opens two new museums at Cairo Airport    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



CBE receives 24 bids worth $1.15bn for T-bills tender denominated in US currency
The proceeds of this tender will be directed to pay for a previous tender that the bank put forward on 8 December 2020, through which it obtained $1bn.
Hossam Mounir Published in Daily News Egypt on 07 - 12 - 2021

The Central Bank of Egypt (CBE) received on Tuesday bids from local and foreign investors worth $1.15bn to cover the recent tender of local treasury bills (T-bills) denominated in the US currency.
The CBE has put forward this tender of $1bn for 364 days, and it is due on 7 December 2022.
The proceeds of this tender will be directed to pay for a previous tender that the bank put forward on 8 December 2020, through which it obtained $1bn.
Of those offers, the CBE accepted 18 offers, valued at $1bn, with interest ranging between 2.97% as the lowest price and 3% as the highest price, and 2.995% as an average, compared to 2.95%, 3%, and 2.995%, respectively, in a similar bid that the CBE launched on 15 November 2021. The bank rejected other offers that asked for a 4% interest rate.
The Central Bank allows subscription in these bills for each of the local banks and foreign institutions, with a minimum subscription of $100,000 and its multiples.
Banks subscribe to dollar bills in the same manner as in local currency bills, where each bank submits its bid to the Central Bank, indicating the amount to be subscribed to in the bills and the interest rate it requests. Bids are collected at the Central Bank for study and acceptance of the appropriate ones.
Banks operating in the local market rely a lot on these bills to invest their dollar liquidity in a container guaranteed by the government, with an appropriate return, in the absence of other investment aspects for that liquidity, except for the rare joint loans that are offered between separate periods, or investing in the global money markets.
The return of these dollar-denominated T-bills is determined according to several indicators, the most important of which are the volume of dollar liquidity in the market, the alternative investment opportunities available to local and foreign banks and financial institutions, and the country's credit rating.

Clic here to read the story from its source.