The issuance replaces previously maturing T-bills worth $500.6 million, which carried a higher average yield of 5.149 percent.
In April, the CBE offered $950 million in one-year dollar T-bills. Twenty banks and financial institutions submitted bids totalling $984.9 million, all at a fixed yield of 4.25 percent.
Egypt regularly issues US dollar-denominated T-bills and bonds to attract foreign investment, diversify its financing instruments, and bolster its hard currency reserves.
These instruments also support the country’s foreign exchange position and efforts to reduce its debt-to-GDP ratio.
The auction comes as Egypt continues discussions with the International Monetary Fund (IMF) regarding the fifth review of the Extended Fund Facility (EFF) programme, approved in December 2022.
The $8 billion facility will support Egypt’s economic reforms and fiscal consolidation efforts.
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