Serrari Group

In a significant financial development, the Egyptian Exchange (EGX) commenced trading treasury bills (T-Bills) on the secondary market, as announced in a press release.

On its inaugural day, the secondary market for T-Bills saw robust activity, with a total trading value reaching EGP 33.8 billion ($1.1 billion) generated from 109 transactions.

This milestone achievement is the culmination of months of meticulous coordination involving key stakeholders, including the Central Bank of Egypt (CBE), the Ministry of Finance, the Financial Regulatory Authority (FRA), and the Egyptian Central Securities Depository (ECSD).

The EGX introduced T-Bill trading on its platform, leveraging the Government Fixed Income Trading System (GFIT) that was initially developed in 2021 for trading treasury bonds. The GFIT offers traders access to comprehensive information on prices, bids, and orders. It is seamlessly integrated with Egyptian banks, facilitating secondary market traders in their investments in government debt instruments.

It’s important to note that the primary market involves the initial issuance of new stocks and bonds to the public by firms. Conversely, the secondary market is where these securities are traded among investors without any direct involvement from the issuing companies.

Traditionally, the CBE plays a pivotal role in issuing treasury bills and bonds on behalf of the Ministry of Finance to bridge the country’s budget deficit.

Egypt’s budget deficit, which accounted for six percent of its Gross Domestic Product (GDP), amounting to EGP 9.8 trillion ($318.23 billion) in the fiscal year 2022/2023, was highlighted by Minister of Finance Mohamed Maait. Furthermore, the country’s debt-to-GDP ratio for the same fiscal year was estimated at 95.6 percent.

In an effort to address fiscal challenges, the government has revised its budget deficit projection upwards to 6.9 percent of GDP for the fiscal year 2023/2024, which commenced on July 1. This move reflects the government’s commitment to managing its financial obligations amid evolving economic conditions.

Photo Source: Google

By: Delino Gayweh
Serrari Financial Analyst
25th September, 2023

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