The Central Bank of Egypt (CBE) has successfully secured more than EGP 21 bn in investments from the EGP treasury bills (T-bills), Ahram Online reports.

The CBE has offered 266-day and 91-day T-Bills during an official auction, aiming to attract merely EGP 19 bn, with interest rates ranging between 12.9 and 13.6%.

There were 278 bids made for the 266-day term T-Bills, in addition to 222 bids already submitted for the 91-day T-Bills, with total investments reaching over EGP 43 bn, according to Ahram Online.

The CBE has accepted 207 bids for the 266-day T-bills, with total investments of about EGP 15.6 bn, and 140 bids for the 91-day T-bills, with total investments of about EGP 5.9 bn, bringing the total to more than EGP 21 bn.

T-Bill auctions are an instrument that the government uses to finance the public budget to bridge the budget deficit.