Egypt Offers 91-, 273-Day T-Bills Worth EGP 5 Bln

The Egyptian Ministry of Finance has offered 91-and 273-day T-bills worth EGP 5 billion today.

The 91-day T-bills worth EGP 1.5 billion are offered at average rate of 12.978%. Yields on 91-day T-bills ranged from 12.90% to 13.020%.

The 273-day T-bills worth EGP 3.5 billion are offered at average rate of 13.456%. Yields on 273-day T-bills ranged from 13.250% to 13.540%.

The Finance Ministry uses government debt instruments such as treasury bills and bonds to finance the growing budget deficit which reached EGP 135 billion and is expected to reach EGP 170 billion, if the government delayes in setting a plan to ration subsidies and boost national production.

The Ministry had earlier set a schedule of the loans, being received from October to December in 2012, which are worth EGP 150 billion. The value of T-bills and bonds being launched by the Finance Ministry in December is EGP 48 billion.