Egypt’s Finance To Offer T-Bills Worth EGP 7.5 Bln Tomorrow

Egypt’s Finance Ministry will offer tomorrow 182- and 364-day treasury-bills.

The Ministry said in its website the first offer has maturity of 182 days and is worth EGP 3.5 billion, and the second one has maturity of 364 days and is worth EGP 4 billion.

The last week has witnessed a decline of demand for government debt instruments, as the Ministry sold EGP 4.4 billion worth of treasury bills and bonds, while it sought to raise EGP 15.5 billion.

The Ministry sells government debt instruments (treasury bonds and bills) so as to finance the widening budget deficit which reached EGP 175.9 billion during (July-March) of FY 2012/2013, registering 10.1 % of the country’s GDP. The budget deficit is expected to reach EGP 200 billion by the end of the current fiscal year.