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The Egyptian Ministry of Finance sold 91- and 266-day treasury bills worth EGP 6 billion on Sunday. The Ministry raised EGP 3 billion from 91-day T-bills and another EGP 3 billion from 266-day T-bills.
Yields on 91-day T-bills ranged from 13.628% to 13.731%, while the average return registered 13.707%. Yields on 266-day T-bills ranged from 14.401% to 14.679%, while the average return registered 14.639%.
The Ministry sells government debt instruments so as to finance the budget deficit which widened to EGP 146.5 billion during the period from July 2012 to February 2013, registering 8.2% of the country’s GDP. The budget deficit is expected to reach EGP 190 billion by the end of the year.
