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Egypt auctions fewer T-bills than planned

Egypt sold fewer domestic treasury bills than planned, reflecting decline in demand

Reuters, Thursday 10 Mar 2011
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Egypt’s central bank (Photo: Reuters)
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Egypt's central bank said it sold 5 billion Egyptian pounds ($845 million) in domestic treasury bills on Thursday, short of the 5.5 billion pounds it had offered.

Bankers say demand for Egyptian bills has declined because of the political turmoil that toppled Hosni Mubarak last month, partly on concern the value of the pound will depreciate in coming months.

The bank sold 2 billion pounds of 182-day T-bills, the same amount it asked for, at an average yield of 12.09 percent, up from 12.085 percent at last week's auction.

The bank had also offered 3.5 billion pounds of 364-day T-bills, but reduced the amount to 3 billion pounds.

The average yield rose to 12.409 percent from 12.033 percent at the lastissue on Feb 22.

 

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