Egypt Sells $1.070 bln in One-Year Dollar-Denominated T-bills

The Egyptian government accepted bids for $1.070 billion worth of one-year dollar-denominated treasury bills at an auction on Sunday with an average yield of 2.593 percent, the central bank said.

The total bids amounted to $1.380 billion. The Ministry of Finance had set the issue size at $1 billion. The minimum yield was 2.54 percent and the maximum was 2.6 percent.

The bank introduced dollar-denominated T-bills in November 2011 after a popular uprising chased away most foreign investors. The government has mainly turned to the local money market to finance its public deficit but the ability of local banks to lend the government Egyptian pounds has been stretched to its limit.

Source: Reuters