Global Courant 2023-05-29 13:24:02
The Egyptian Ministry of Finance accepted about 453 bids to sell treasury bills proposed by the Central Bank of Egypt in its latest offer on Thursday.
The value of the accounts totals LE46 billion by investors, with an accepted interest rate estimated by the Treasury Department at an average of 23.8 percent for a one-year return and a six-month return ranging from 18 percent to 23.9 percent for both periods.
On Sunday, on behalf of the Treasury Department, the CBE offered Treasury bills worth LE40 billion in two three-month and nine-month installments to use in paying urgent obligations to ministries and government agencies.
By August 29, Treasury bills valued at LE22.5 billion over nine months are expected to be issued, and another Treasury bill valued at LE17.5 billion over nine months.
The government estimated the target budget deficit for the financial year 2023-2024 at LE 824 billion, an increase of seven percent compared to the previous financial year, 2022-2023, in which the target budget deficit was LE 558.2 billion.
Egyptian Finance Minister Mohamed Maait indicated that a citizen with an income of more than one million Egyptian pounds will pay an income tax, saying that the target income is four billion Egyptian pounds.
Under the current circumstances, the minister explained that the aim is to collect revenue and redistribute income and justice through ration cards for the low-income earners, explaining that salaries and pensions have been increased three times in one year.
