The value of outstanding balance of treasury bills (T-Bills) owed by the government amounted to about EGP 1.201tn at the end of June 2019, the Ministry of Finance said.
In a recent report, the ministry explained that the outstanding balance of T-Bills for 364 days reached EGP 554.69bn, while the 273-day T-Bills reached EGP 316.265bn.
T-Bills maturing after 182 days reached EGP 217.586bn and the 91-day T-Bills stood at EGP 113.025bn.
According to the ministry, these bills are due in the period between 2 July 2019 and 23 June 2020.
It is noteworthy that the ministry of finance had previously revealed its intention to issue T-Bills and treasury bonds (T-Bonds) of EGP 522bn from July to September 2019, to bridge the budget deficit, which is expected to reach EGP 445.1bn by the end of the fiscal year 2019/20.
The ministry’s plan, a copy of which Daily News Egypt obtained, revealed the government’s intention to issue T-Bills valued at EGP 490.75bn and T-Bonds of EGP 31.25bn.
These government securities are offered through 15 banks as primary dealers in the primary market. These banks sell part of these securities on the secondary market to individual investors and local-foreign institutions.