Finance Ministry Offers 5-, 7-Year T-Bonds Worth EGP 1 Bln

The Egyptian Ministry of Finance offers on Monday 5-and 7-year T-bonds worth EGP 1 billion. The Ministry stated that the 5-year T-bonds are worth EGP 500 million and the 7-year T-bonds are also worth EGP 500 million.

The Ministry sold EGP 32.5 billion worth of treasury bills and bonds since the beginning of February. The yields of treasury bills and bonds reached EGP 12.5 billion in the first week of February, EGP 14.5 billion in the second week of February EGP 5.5 billion last Sunday.

The Ministry targets to offer treasury bills and bonds worth EGP 52.5 billion in February.

The Ministry sells treasury bills and bonds so as to finance the widening budget deficit which reached EGP 91 billion in the first half of FY 2012/2013, and is estimated to reach EGP 200 billion by the end of this fiscal year.