Finance Ministry Sells 182-, 364-Day T-Bills Worth EGP 6.5 Bln

The Egyptian Ministry of Finance sold 182- and 364-day T-bills worth EGP 2.5 billion and EGP 4 billion, respectively on Thursday.

The yields on 182-day T-bills ranged from 13.001% to 13.391%, while the average rate registered 13.342%.

The yields on 364-day T-bills ranged from 13.001% to 14.01%, while the average rate registered 13.957%.

This has raised the value of treasury bills and bonds offered by the Ministry to EGP 40 billion since the beginning of February, in addition to dollar-denominated T-bills worth US$ 819 million.

The Ministry targets to sell 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 at the end of the first half of FY 2012/2013 and is estimated to reach EGP 200 billion by the end of the current fiscal year.