CAIRO, November 11, 2025: The Central Bank of Egypt (CBE) announced that it sold $1.5 billion in dollar-denominated treasury bills on Tuesday, marking the latest issuance aimed at refinancing maturing foreign-currency debt of the same value. The auction forms part of the bank’s ongoing operations to manage external liquidity and maintain stability in Egypt’s short-term financing framework. According to a statement published on the CBE’s website, the new bills carry a tenor of 363 days with an average yield of 4.498%. The debt is scheduled to mature on November 12, 2026. The issuance replaces an equivalent amount of maturing dollar-denominated treasury bills, following the CBE’s standard practice of rolling over foreign-currency liabilities through short-term instruments.
Dollar-denominated treasury bills are typically offered to local banks and branches of international institutions operating in Egypt. The instruments enable the government to raise foreign-currency liquidity from the domestic financial sector without resorting to international bond markets. Participants settle these transactions through their foreign-currency accounts with the central bank, which helps sustain liquidity and support Egypt’s external payment obligations. The average yield of 4.498% reflects stability in pricing and continued investor interest in Egypt’s short-term foreign-currency instruments. Yields on these securities have remained relatively steady in recent months, influenced by global interest rate conditions and local dollar liquidity dynamics.
Dollar-denominated debt supports short-term liquidity
Egyptian banks have historically shown consistent demand for such bills, viewing them as low-risk assets backed by sovereign guarantees. The sale comes as Egypt continues to balance its foreign-currency requirements with broader macroeconomic priorities, including debt servicing and essential imports. The CBE has maintained regular foreign-currency auctions as part of its strategy to manage liquidity while safeguarding foreign reserves. These auctions form an integral part of Egypt’s broader fiscal and monetary framework designed to ensure stable financing conditions. In parallel, the central bank has taken measures to support domestic financial stability, including adjustments to key policy rates and interventions to ease inflationary pressures.
Foreign-currency operations align with reform goals
It has also worked to improve foreign-currency availability within the banking system and facilitate access to essential imports, aligning its monetary operations with Egypt’s ongoing economic reform program. Dollar-denominated treasury bills form part of Egypt’s external debt portfolio, which also includes Eurobonds and loans from multilateral partners. By relying on domestic institutions for short-term foreign-currency funding, the CBE maintains flexibility in managing upcoming debt maturities and mitigating pressures on foreign reserves. The latest auction demonstrates the central bank’s ability to sustain regular refinancing operations, reinforcing confidence in Egypt’s financial system and debt management practices.
The newly issued $1.5 billion in bills will mature in November 2026, maintaining Egypt’s track record of orderly debt refinancing in both local and foreign currencies. The outcome of the auction reflects continued coordination between the central bank and domestic financial institutions in managing foreign-currency liquidity under Egypt’s broader monetary policy framework, highlighting sustained investor confidence in Egypt’s short-term instruments and the stability of its financial operations. – By Content Syndication Services.