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Treasury Bill (T-Bill)

A short-term Egyptian government debt instrument sold at a discount and redeemed at face value.

A treasury bill (T-bill) is a short-term debt security issued by the Egyptian government — through the Central Bank of Egypt on behalf of the Ministry of Finance — with maturities of 91, 182, 273, or 364 days. T-bills are sold at a discount to their face value: you pay less than the face value today and receive the full face value at maturity. The difference is your return.

T-bills are issued weekly through auctions at the CBE. Individual investors access them through their banks, which participate in the auction. The returns are among the highest of any short-term instrument in Egypt, though they are subject to a 20% withholding tax on the return.

Worked example

Suppose a 1-year T-bill is auctioned at a 12% gross yield (illustrative number). You buy EGP 100,000 of face value.

Gross interest: 100,000 × 0.12 = 12,000 EGP. After 20% WHT: 12,000 × (1 − 0.20) = 9,600 EGP net.

A tax-exempt CD paying 10% nets 10,000 EGP — more than the 12% T-bill once tax is applied. Always compare net yields.

Numbers chosen for arithmetic clarity, not as a current quote.

Key facts

Backed by the Egyptian government — effectively zero credit risk
Maturities: 91 days (≈3 months), 182 days (≈6 months), 273 days, 364 days
Sold at a discount — buy below face value, receive face value at maturity
20% withholding tax applies to the return — keep this in mind when comparing to tax-exempt CDs
Available through banks participating in the CBE weekly auction
Yields move with monetary policy — higher CBE corridor = higher T-bill yields

In Egypt

Egyptian T-bills are routinely among the higher-yielding short-term government instruments in the region, but their net yield (after the 20% withholding tax) is what matters for comparison against tax-exempt bank CDs. Minimum investment varies by bank and tenor — your bank's investment desk handles the auction submission for you. Always compare net-of-tax yields, never headline numbers.

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Key facts

Backed by the Egyptian government — effectively zero credit risk

Maturities: 91 days (≈3 months), 182 days (≈6 months), 273 days, 364 days

Sold at a discount — buy below face value, receive face value at maturity

20% withholding tax applies to the return — keep this in mind when comparing to tax-exempt CDs

Available through banks participating in the CBE weekly auction

Yields move with monetary policy — higher CBE corridor = higher T-bill yields

In Egypt