The Egyptian Ministry of Finance sold 91- and 273-day treasury bills worth EGP 6 billion on Sunday. The Ministry raised EGP 3 billion from the 91-day T-bills and another EGP 3 billion from the 273-day T-bills. The yields on 91-and 273-day T-bills averaged at 13.80% and 14.77%, respectively. The yields on 91-and 273-day T-bills sold on March 10th averaged at 12.6% and 13.62%, respectively. The Ministry of Finance sells government debt instruments (treasury bills and bonds) so as to finance the burgeoning budget deficit which widened to EGP 146.5 billion during the period from July to February in FY 2012/2013, registering 8.2% of the country's GDP. The budget deficit is expected to reach EGP 188 billion by the end of the current fiscal year.
