Egypt Says to Auction T-bills Worth EGP6 bln Tomorrow

Egypt will be offering on Sunday 91-and 266-day treasury bills worth EGP 6 billion, the country’s finance ministry said in a statement.

The Egyptian finance ministry further noted that the 91-day treasury bills are worth EGP 2 billion, whereas 266-day treasury bills are at value of EGP 4 billion.

Egypt’s finance ministry is targeting the issuance of EGP 62 billion within this month.

It is worth noting that Egypt is offering t-bills and –bonds seeking to provide additional financial sources in order to fill the country’s mounting budget deficit which registered 14% of the GDP during the last fiscal year. The current Egyptian government is aiming to ease the national budget deficit to 9.1% of the GDP.