Egypt issues 674.5 mln euro in t-bills at avg yield of 2.289 pct

Egypt’s central bank sold 674.5 million in one-year, euro-denominated treasury bills at an average yield of 2.289 percent at its auction on Monday.

The minimum yield was 2.26 percent and the maximum yield was 2.3 percent, the bank said. Egypt last sold $728.5 million in one-year treasury bills at an auction in June at an average yield of 2.837 percent.

The government has mostly relied on the local money market to finance its deficit since early 2011, when an uprising unleashed a prolonged period of political and economic volatility that deterred many foreign investors.

source: Reuters