Yields fall on Egypt's six-month, one-year T-bills

Reuters , Thursday 3 Aug 2017

The average yields on Egypt's six-month and one-year treasury bills fell in an auction on Thursday, data from the central bank showed.

The average yield on the 182-day bill fell to 19.574 percent from 21.175 percent at the last sale on July 27, and the yield on the 364-day bill fell to 19.348 percent from 20.952 percent.

Egypt has raised key interest rates by 700 basis points since November when it floated its currency, encouraging foreign investors to buy up its debt.

Total foreign holdings in Egyptian securities stood at 250.7 billion Egyptian pounds ($14.10 billion) as of Aug. 1, an 8 percent increase from the amount after the previous auction, head of public debt at the finance ministry, Sami Khallaf, told Reuters.

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