Egypt issues $897.9 mn one year T-bill at average yield of 3.248 pct: Central Bank

Reuters , Tuesday 12 Jan 2016

U.S. dollar
File Photo: An employee of a money changer counts U.S. dollar notes for a customer at a bank in Cairo, December 31, 2013 (Photo: Reuters)

Egypt's central bank said on Monday it sold $897.9 million in one-year treasury bills at an average yield of 3.248 percent.

The government has mostly relied on the local money market to finance its deficit since the ouster of autocrat Hosni Mubarak in early 2011, which has been followed by years of political and economic volatility that has deterred foreign investors and tourists - a major source of hard currency.

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