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Egypt sells treasury bills worth LE46 billion, at interest rate of 23.8%

Egypt’s Finance Ministry accepted about 453 bids to sell treasury bills put forward by the Central Bank of Egypt in its last bid on Thursday.

The value of the bills totals LE46 billion by investors, with accepted interest estimated by the Finance Ministry at an average of 23.8 percent for one-year return and a six-month return, ranging from 18 percent to 23.9 percent for both periods.

On Sunday, the CBE offered treasury bills worth LE 40 billion in two terms for three months and for nine months, on behalf of Finance Ministry, to be used in paying urgent obligations to ministries and government agencies.

By August 29, treasury bills worth LE 22.5 billion for a period of nine months are expected to be issued, and another treasury bills worth LE 17.5 billion for a period of nine months will be issued.

The government estimated the target budget deficit during the fiscal year 2023-2024 at LE 824 billion, an increase of seven percent over the last fiscal year, 2022-2023, in which the budget deficit target amounted to LE 558.2 billion.

Egyptian Minister of Finance Mohamed Maait indicated that a citizen whose income will exceed one million Egyptian pounds will be charged an income tax, and said that targeted revenues amount to four billion Egyptian pounds.

Under the current circumstances, the minister explained that the goal is to bring in revenues and redistribute income and justice through ration cards for the low-income, explaining that salaries and pensions have increased three times in one year.

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