Yields drop sharply at Egypt treasury bill auction

Reuters, Thursday 20 Sep 2012

The average yield on LE5.5 billion ($903.2 million) of treasury bills tumbled at a central bank auction on Thursday and the bank sold all the bills it had sought, the Ministry of Finance said.

Interest rates on the Egyptian government's debt have fallen from historic highs in recent weeks as optimism grows that it will secure help for a struggling economy from the International Monetary Fund and other foreign donors.
The average yield on 182-day bills dropped to 13.172 per cent, its lowest since November last year, from 14.248 per cent at an auction last week.
The average yield on 364-day bills slid to 13.803 per cent, its lowest since October 2011, from 15.748 per cent at an auction on 6 September.
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