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Yield dips at Egypt treasury bill auction

Reuters, Sunday 25 Mar 2012
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The yield on Egyptian treasury bills fell at an auction on Sunday, and the central bank sold the entire LE3.5 billion worth it had asked for, the Ministry of Finance said on its website.

This was the central bank's second auction since it lowered the reserve requirement on local currency deposits to 12 per cent from 14 per cent, a move analysts said would free up funds sitting idle at the central bank and supply banks with more cash to lend, both to the government and to business.

The average yield on the 266-day treasury bills fell to 15.662 per cent from 15.841 percent at the last issue on 13 March.

The central bank sells the bills on behalf of the finance ministry.

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