Egyptian commercial banks have reduced interest rates by an average of 1 percent on government treasury bills in an effort to shore up the domestic economy, the ministry of finance announced Thursday.
The Central Bank of Egypt (CBE) declared that it would be offering three-month t-bills worth a total of LE3 billion at an average interest rate of 14.1 percent, compared to 14.8 percent for last week's t-bill offerings.
The CBE will also offer one-year t-bills worth LE4 billion at an average of interest rate of 14.6 percent, compared to 15.4 percent at last week's auction.
According to the statement, the three-month t-bills were oversubscribed 1.7 times, while one-year t-bills were oversubscribed by 2.2 times.
The treasury bills will be issued on 9 July, according to the CBE.