The Egyptian Ministry of Finance sold on Monday 5- and 7-year T-bonds worth EGP 1 billion. The Ministry has raised EGP 500 million from 5-year T-bonds and EGP 500 million from 7-year T-bonds. The yields on 5-year T-bonds ranged from 14.50% to 14.710%, while the average rate registered 14.680%. The yields on 7-year T-bonds ranged from 15% to 15.12%, while the average rate registered 15.10%. This has raised the value of treasury bills and bonds that the Ministry sold in February to EGP 33.5 billion. The Ministry sold treasury bills and bonds worth EGP 12.5 billion in the first week of February, EGP 14.5 billion in the second week of February and EGP 6.5 billion this week. 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.
