Egypt will auction US$950 million in one-year, dollar-denominated treasury bills on Monday, December 1, 2025, as authorities move to bolster foreign currency reserves and refinance maturing debt, the Central Bank of Egypt (CBE) said.
The sale is part of Cairo’s continued reliance on short-term dollar paper to attract foreign inflows. The instruments have drawn strong demand in recent months, helping the government roll over existing obligations at progressively lower costs.
In a similar auction in November 2024, the CBE received US$ 1.739 billion in bids for US$1.5 billion in one-year bills, accepting US$1.574 billion at an average yield of 4.498 percent down from 5.148 percent in June.
An April 2025 offering for US$950 million drew US$1.17 billion in bids, with authorities taking US$984.9 million at 4.25 percent, while rejecting higher yield requests of up to 5.1 percent.
More recently, a November 11, 2025, auction for US$1.5 billion in 363-day bills maturing in November 2026 attracted US$1.677 billion across 28 bids. The CBE accepted US$1.547 billion at a lower average yield of 3.749 percent, nearly half a percentage point below the June rate of 4.25 percent.
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Officials say the trend reflects improving sentiment toward Egypt’s reform programme. “These issuances are central to managing liquidity and maintaining confidence in the market,” a CBE official said.
Foreign investor interest has gradually rebuilt following the 2024 pound devaluation and interest-rate hikes. In March 2024, one-year local currency T-bills were oversubscribed nearly threefold, with US$825 million in foreign bids accepted.
The minimum subscription for the dollar bills remains USD 100,000 for local and foreign investors through primary dealer banks.
