CBE Sells 273-Day T-Bills With EGP 4.5 bn

The average yield at an auction on Sunday of Egyptian 273-day treasury bills declined, and the central bank sold more than it originally offered, the Ministry of Finance said on its website.

Yields have been edging down since February 2 on optimism that the worst of Egypt’s troubles may be over after a year of political and economic turmoil.

The average yield edged slid to 15.829 percent from 15.886 percent at the last issue on March 6. The bank sold EGP 4.5 billion of 273-day T-bills instead of the EGP 3.5 billion it had offered, Reuters reported.

The central bank sells the bills on behalf of the Finance Ministry.