Yields fall on Egypt's 3-, 9-month T-bills amid foreign buying

Reuters , Sunday 30 Jul 2017

Amr El-Garhy
File Photo: Finance Minister Amr El-Garhy at a news conference in Cairo, Egypt 11 August, 2016 (Photo: Reuters)

Average yields on Egypt's three-month and nine-month treasury bills fell at an auction on Sunday, data from the central bank showed, amid high foreign buying of Egyptian debt.

The average yield on the 91-day bill slipped to 20.767 percent, from 21.564 percent at the last similar auction and the yield on the 266-day bill fell to 20.570 percent from 21.582 percent.

Foreign buying accounted for 41.3 percent of Sunday's sale, standing at 7.103 billion Egyptian pounds ($397.04 million), Finance Minister Amr El Garhy told Reuters.

Demand for Egypt's domestic debt has grown since the central bank raised key interest rates by 2 percentage points this month, its third increase since the country floated its currency in November last year. 

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