Finance Ministry Sells 3-, 10-Year T-Bonds Worth EGP 1.5 Bln

The Egyptian Ministry of Finance sold 3- and 10-year T-bonds worth EGP 1.5 billion on Monday.

The Ministry raised EGP 1 billion from 3-year T-bonds and EGP 500 million from 10-year T-bonds.

The yields on 3-year T-bonds ranged from 14.38% to 14.42%, while the average rate registered 14.41%. The yields on 10-year T-bonds ranged from 16.30% to 16.42%, while the average rate registered 16.40%.

This has raised the value of treasury bills and bonds offered by the Ministry to EGP 47 billion since the beginning of February, in addition to dollar-denominated T-bills worth US$ 819 million.

The Finance Ministry targets to sell treasury bills and bonds worth EGP 52.5 billion in February.

The Ministry sells treasury bills and bonds so as to finance the widening budget deficit which reached EGP 91 billion in the first half of FY 2012/2013, and is expected to reach EGP 200 billion by the end of the current fiscal year.