The average yield on 182-day Egyptian treasury bills rose to its highest in at least a decade at an auction on Thursday, the Ministry of Finance said.

The government has stretched the lending ability of local banks after turning to the domestic market to finance a budget deficit that widened in the wake of last year's popular uprising.



The average yield on the bills inched up to 15.316 per cent from 15.295 per cent at an auction last week, and LE3 billion ($496.8 million) worth were sold.



The average yield on the 364-day bills increased to 15.915 per cent from 15.899 per cent at an auction on 24 May, with LE3 billion worth sold.



The central bank, which sells the bills on behalf of the finance ministry, said it sold all the bills it had offered.

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