Egypt's central bank cancelled auctions of 182-day and 364-day treasury bills worth LE6 billion
($1.004 billion), it said on Thursday.

The bank gave no reason for the cancellation, which is not uncommon.

Treasury dealers said they believed the central bank may have considered the rates demanded by banks to be too high. "They didn't come in the range (the central bank wanted)," one dealer said.

The central bank auctions the T-bills on behalf of Egypt's Finance Ministry, which had offered 182-day bills worth 2.5
billion pounds and 364-day bills worth 3.5 billion pounds. It had planned to issue the T-bills on July 5.