Treasury Bills (T-Bills)
أذون الخزانة
Treasury bills are short-term debt instruments issued by the Egyptian government (typically 91 to 364 days) to borrow money, sold at a discount and redeemed at face value. They are considered among the lowest-risk Egyptian-pound investments and are a common benchmark and alternative to bank deposits and money-market funds.
Example
A bill with a face value of 100,000 EGP maturing in three months is sold at a discount — you pay less than face value now and receive the full amount at maturity, and the difference is your return.
Why it matters
Bills are the short-dated instrument money market funds are largely built from, so their yields are the main driver of what that whole fund category earns.
A common mistake
Calling them risk-free without qualification. They carry minimal credit risk relative to other domestic borrowers, but their real return still depends on inflation over the same period.