The tender received approximately 22 bids totalling around $1.14 billion, with a minimum yield of 4.5 percent, a maximum yield of 5.4 percent, and a weighted average yield of 4.6 percent.

The CBE accepted 16 bids, amounting to $980.5 million, with the same minimum and maximum yields and a weighted average yield of 4.5 percent.

This marks Egypt’s sixth issuance of USD-denominated T-bills in 2024, following a previous sale of $1.57 billion in November.

Moreover, the central bank sold $850 million in T-bills in January, $1.06 billion in February, $997 million in April, and $500 million in June.

In November, it also sold 642.8 million euros worth of euro-denominated T-bills with a 364-day maturity period. This was the second such issuance in 2024, following the sale of 609.8 million euros in August.

Egypt is broadening its financing strategies to reduce its debt and address the budget deficit in light of its commitments under the International Monetary Fund's (IMF) $8 billion loan programme.

The country's total debt decreased by around seven percent in fiscal year (FY) 2023/2024, dropping to 89 percent of GDP from 95.7 percent in FY2022/2023.

Egypt also plans to reduce its gross debt-to-GDP ratio to approximately 83 percent by FY2026/2027 as part of its economic reform programme with the IMF.