The tender received approximately 30 bids totalling around $1.73 billion, with a minimum yield of 4.48 percent, a maximum yield of 5.25 percent, and a weighted average yield of 4.56 percent.

The CBE accepted 21 bids, amounting to $1.57 billion, with a minimum yield of 4.48 percent, a maximum yield of 4.50 percent, and a weighted average yield of 4.49 percent.

This marks Egypt's fifth issuance of USD-denominated T-bills in 2024, following a previous sale of $500 million in June.

Earlier this year, the CBE sold $850 million in T-bills in January, $1.06 billion in February, and $997 million in April.

Last week, the central bank also sold 642.8 million euros worth of euro-denominated T-bills with a 364-day maturity period. This is the second such issuance in 2024, following the sale of 609.8 million euros in August.

Egypt is diversifying its financing mechanisms to reduce its debt and narrow the budget deficit, in line with its commitments under the International Monetary Fund's (IMF) ongoing $8 billion loan programmme.

Moreover, the country's total debt decreased by approximately seven percent in the fiscal year 2023/2024, reaching 89 percent of GDP, compared to 95.7 percent in FY2022/2023.

Egypt aims to lower its gross debt-to-GDP ratio to about 83 percent by FY2026/2027 as part of its economic reform programme with the IMF.

The fourth review of the loan programme was held on 5 November.