Egypt Offers 182-, 364-Day T-Bills Worth EGP 6.5 Bln

The Egyptian Ministry of Finance offered on Thursday 182- and 364-day T-bills worth EGP 6.5 billion.

182-day T-bills worth EGP 2.5 billion are offered at an average rate of 13.970%. Yields on 182-day T-bills ranged from 13.497% to 14.10%.

364-day T-bills worth EGP 4 billion are offered at an average rate of 14.503%. Yields on 364-day T-bills ranged from 14% to 14.690%.

The Ministry of Finance plans to offer 182-day T-bills worth EGP 27 billion and 364-day T-bills worth EGP 46 billion in Q3 of this year.

Egypt uses government debt instruments such as treasury bills and bonds and asks for foreign grants and aids so as to finance the budget deficit which widened to EGP 200 billion.