Finance Ministry Sells 91-, 266-Day T-Bills Worth EGP 5.5 Bln

The Egyptian Ministry of Finance sold 91-and 266-day T-bills worth EGP 1.5 billion and EGP 4 billion, respectively on Sunday.

The yields on 91-day T-bills ranged from 12.601% to 12.819%, while the average rate registered 12.776%. The yields on 266-day T-bills ranged from 13.841% to 13.890%, while the average rate registered 13.800%.

This has raised the value of treasury bills and bonds offered by the Ministry since the beginning of February to EGP 32.5 billion. 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.