The CBE had offered these T-bills with a weighted yield average of 15.8 percent, with the aim of collecting EGP 15 billion.

The CBE accepted 192 bids out of 799 bids.

The central bank also sold 273-day maturity T-bills - offered at a weighted yield average of 16.5 percent - for a total of EGP 8 billion.

Egypt’s overall debt is expected to decline to 85.6 percent of GDP in the current FY2022/2023, down from 87.2 percent recorded in FY2021/2022, according to the latest data published by the Ministry of Finance.

The public debt accounted for 85.3 percent of Egypt’s overall debt in FY2021/2022.

Egypt’s government is adopting a medium-term debt management strategy that targets lowering Egypt’s overall debt-to-GDP ratio to 71.9 percent by FY 2026/2027.

The CBE’s Monetary Policy Committee (MPC) is scheduled to convene on 22 September to review the key interest rates in light of global and local economic developments.

The Egyptian pound has been devalued in recent months by over 20 percent against the US dollar, dropping to its lowest level since the implementation of the IMF-backed economic reform programme in late 2016.

Egypt is currently in the final arrangement stage of a fresh loan deal with the IMF, which is anticipated to be announced soon.