STORY: Egypt's central bank issues 50 bln EGP in T-bills
SHOOTING TIME: file
DATELINE: March 4, 2024
LENGTH: 00:00:45
LOCATION: Cairo
CATEGORY: ECONOMY

SHOTLIST:
1. various of Egypt's Finance Ministry and the minister
2. various of Egypt's central bank
3. various of the Egyptian banknotes

STORYLINE:

The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, issued treasury bills (T-bills) at a total value of EGP 50 billion through two offerings on Sunday.

With a tenor of 91 days, the first tranche was valued at about EGP 25 billion, according to official data.

The second offering stood at EGP 25 billion and will mature in 273 days.

In early February, the Central Bank of Egypt raised the key interest rates by two percent.

Accordingly, the overnight deposit rate, the overnight lending rate, and the main operation rate were raised to 21.25 percent, 22.25 percent, and 21.75 percent, respectively. In addition, the discount rate was raised by 200 basis points to 21.75 percent.

The decision has been taken mainly to counter the rising inflationary pressure the country is suffering.

Xinhua News Agency correspondents reporting from Cairo.
(XHTV)