CBE raises interest rates on 2-year T-bonds in latest auction
Updated 11/19/2024 11:59:00 AM
Arab Finance: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, increased the average interest rate on the two-year fixed-return treasury bonds (T-bonds) to 25.28% in an auction held on November 18th, according to data on the CBE's website.
This marks the first rise in the rate for this bond type in two months, up from 24.93%.
Meanwhile, the CBE declined to sell three-year fixed-return T-bonds during the same auction, despite receiving requests totaling approximately EGP 10.356 billion.
Investors had submitted 23 bids for the three-year bonds, demanding interest rates of up to 36%.
Instead, the bank accepted only five bids, raising EGP 487 million at an average interest rate of 24.1%, well below the EGP 6 billion target for this category.
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