The daily value of T-bills trading reached an average of EGP 32.6 billion ($1.06 billion), up from EGP 23.7 billion ($767.09 million) at the beginning of the period, El-Sheikh added in a statement on Monday.

At the same time, the EGX observed a daily average of 1.5 million trades on T-bills, encompassing 190 transactions, he added.

El-Sheikh made his comments during a celebration of five weeks since T-bills first started being traded on the EGX.

The event was attended by Minister of Finance Mohamed Maait and his deputies Ahmed Kouchouk and Ihab Abu Aish; along with Deputy Governor of the Central Bank of Egypt Gamal Nagm, and other top-ranking officials.

Typically issued by the CBE on behalf of the Ministry of Finance, T-bills serve as a financial mechanism to cover the country's budget deficit.

Egypt's budget deficit accounted for six percent of its GDP, which stood at EGP 9.8 trillion ($318.23 billion) in the FY2022/2023, according to Minster of Finance Mohamed Maait.

Projections from the International Monetary Fund (IMF) indicate that the country's gross debt-to-GDP ratio is estimated to reach 92.7 percent in 2023, ranking as the highest among emerging markets and middle-income economies.

Egypt’s total external debt reached $165.36 billion at the end of March 2023.