(MENAFN- Daily News Egypt) The Central Bank of Egypt (CBE) received 28 bids totalling $1.677bn for its latest auction of US dollar-denominated treasury bills (T-bills).

The CBE had offered $1.5bn in the 363-day bills, scheduled to mature on 10 November 2026.

According to data published on the bank's website, 21 bids were accepted, amounting to $1.5473bn, at an average yield of 3.749%. This represents a decline of roughly half a percentage point compared to the previous similar auction held on 2 June, which recorded an average yield of 4.25%.

Some investors in the latest auction reportedly requested yields of up to 4.3%, which the central bank declined to accept.

The CBE allows both domestic banks and foreign financial institutions to participate in dollar-denominated bill auctions, with a minimum subscription of $100,000 and multiples thereof.

Investors submit their bids through“primary dealer” banks, specifying both the amount and the desired interest rate. The central bank then aggregates and reviews the bids before selecting those it deems appropriate.

The yield on these USD-denominated bills is influenced by several factors, including global dollar interest rates, the investment alternatives available to local and international financial institutions, and Egypt's sovereign credit rating.

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