Jul 23 , 2025
The Ministry of Finance will conduct its first Treasury-bill auction today, July 23, under a newly published issuance calendar. The auction offers 11.08 billion Br worth T-bills across four maturities.
The auction initiates a five-date schedule running through September 17, with planned T-bill issuances totaling 117.77 billion Br for the first quarter of the 2025/26 fiscal year. The largest volume, 38.61 billion Br, is slated for August 6. Subsequent auctions are set for August 20 (14.74 billion Br), September 3 (25.15 billion Br), and September 17 (28.19 billion Br).
The maturity breakdown for the full quarter assigns two per cent of the total issuance to 28-day bills, 30pc to 91-day bills, 40pc to 182-day bills, and 28pc to 364-day bills.
The calendar-based issuance replaces ad hoc practices and follows the formal termination of the mandatory T-bill purchase policy on July 1. It is part of ongoing public finance reforms and efforts to shift toward market-based domestic borrowing through transparent and competitive auctions.
The introduction of the schedule coincides with the opening of the Ethiopian Securities Exchange (ESX) and the development of a secondary market, expanding investor access and targeting price discovery.
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