The Central Bank of Egypt will issue $1 billion in treasury bills to get more foreign currency
The Central Bank of Egypt (CBE) will issue $1 billion in one-year treasury bills in U.S. dollars on Monday. The payment will be settled the next day. This is part of efforts to get more foreign currency to meet financial needs.
New Financing
Egypt is renewing its debt because $1.061 billion in treasury bills will be due next week. The government is borrowing more money to cover this.
Earlier, Egypt issued $2 billion in treasury bonds in two parts—one for five years with a 9.25% return and another for eight years with a 10% return. Investors were very interested, placing orders worth over $10 billion, showing trust in Egypt’s debt, according to Reuters.
These bonds, which are not backed by collateral, are part of Egypt’s global bond program.
Upcoming Debt Payments
Egypt needs to pay about $13 billion in foreign debt in the first half of this year. To manage this, the country is looking for different ways to get funding.
While waiting for the next part of its loan from the International Monetary Fund (IMF), Egypt has already secured outside funding, including €1 billion from the European Union and a $2 billion loan from global lenders.
Credit Ratings
Egypt’s credit ratings are:
- Moody’s: Caa1 (Positive)
- S&P: B- (Positive)
- Fitch: B (Stable)
The new bonds are expected to be rated B- by S&P and B by Fitch.
Published: 3rd February 2025
For more article like this please follow our social media Twitter, Linkedin & Instagram
Also Read:
Syrian Pound Gains After President Al-Sharaa’s Saudi Visit
Why You Must Practice Self-Care As A Leader
Libya’s NOC plans to boost output, increase transparency