The Central Bank of Egypt (CBE) offered two treasury bill (T-bill) bids on Monday worth EGP 6.5 billion.

On behalf of the finance ministry, the CBE offered a five-year T-bill at EGP 3.5 billion and a 10-year T-bill at EGP 3 billion.

On Tuesday, the CBE will offer T-bills worth EGP 7 billion ($431 million) on behalf of the finance ministry.

The CBE said in a statement that it has received 26 offers, worth $720 million, for investment in Tuesday’s T-bill bids, which are due in June 2021.

In this regard, the CBE has accepted 20 offers at a total of $509 million, with the interest rates at 3.4 percent on average.

Egypt’s net international reserves (NIRs) witnessed a drop for the third month in a row to reach $36 billion by the end of May, the lowest level NIRs have reached since January 2018, when the CBE reported reserves of $38.21 billion.

Since March, Egypt has seen a decline in its NIRs amid the COVID-19 crisis and its implications, which have forced foreign investors to sell their T-bills and bonds.