Finance Ministry Sells 91-, 266-Day T-Bills Worth EGP 6 Bln On Sunday

The Egyptian Ministry of Finance sold 91- and 266-day treasury bills worth EGP 6 billion. The Ministry raised EGP 3 billion in 91-day T-bills and EGP 3 billion in 266-day T-bills.

Yields on 91-day T-bills ranged from 12.849% to 13.148%, while the average return registered 13.018%.

Yields on 266-day T-bills ranged from 13.549% to 13.830%, while the average return registered 13.743%.

The Ministry sold treasury bills and bonds worth EGP 13.5 billion last week. The Ministry sells these government debt instruments to finance the burgeoning budget deficit which widened to EGP 146.5 billion during the period from July 2012 to February 2013, registering 8.2% if the country’s GDP. The budget deficit is expected to reach EGP 190 million by the end of the current fiscal year.