Egypt’s FinMin To Offer T-Bills Worth EGP 6 Bln Tomorrow

The Egyptian Ministry of Finance will offer 91- and 266-day treasury bills worth EGP 6 billion in an auction next Sunday.

The demand for government debt instruments has declined in the last period as the Ministry failed to sell treasury bills and bonds worth EGP 11.7 billion in 10 days.

The Finance Ministry sells government debt instruments so as to finance the burgeoning budget deficit which widened to EGP 175.9 billion during the period from July 2012 to March 2013, registering 10.1% of the country’s GDP. The budget deficit is expected to exceed EGP 200 billion by the end of the current fiscal year.