The Central Bank of Egypt (CBE) has received offers from international and local financial institutions to invest in local treasury bills (T-bills) denominated in US currency, which were issued on Monday.

The CBE floated the $1.56bn worth T-bill tender for a year, due on 16 November 2021.

According to the CBE, it received 38 bids worth $1.755bn to cover this bid, but only 33 bids worth $1.585bn were accepted.

The return accepted by the CBE ranged between 3.34% and 3.401%, and averaged 3.394%, compared to 3.42%, 3.45%, and 3.446% in the last similar bid put forward by the CBE on 8 June 2020. The CBE rejected other offers from investors who requested a 4% return.

The proceeds of this bid will be used to pay for a previous bid put forward by the CBE on 19 November 2019, through which it obtained $1.56bn.

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