Mubasher: The returns on the Egyptian government’s treasury bills declined on Sunday’s auction, according to the data of the Central Bank of Egypt (CBE).
Returns on the 91-day bills decreased by 1.63%, while the 273-day bills’ returns went down by 1.39%.
CBE announced that the total revenues from selling treasury bills amounted to EGP 19.36 billion, from both tranches.
The central bank previously said it will issue treasury bills worth EGP 15.5, in coordination with the Ministry of Finance (MoF) to support the country’s budget deficit
The average return on the 91-day bills reached 19.13%, down from 20.76% in the previous auction, while the average return on the 273-day bills fell to 18.8%, compared to 20.19%.
The Egyptian finance ministry estimates the total budget deficit for fiscal year 2016-2017 at around EGP 319 billion compared to an actual deficit of EGP 339 billion in the previous year.
The MoF has issued debt instruments worth EGP 371 billion during the first quarter of fiscal year 2017/2018, the highest level since 2005.
