Reuters – The Egyptian government accepted bids for $1.07bn worth of one-year dollar-denominated treasury bills at an auction on Sunday with an average yield of 2.593%, the Central Bank of Egypt said.
The total bids amounted to $1.380bn. The Ministry of Finance had set the issue size at $1bn. The minimum yield was 2.54% and the maximum was 2.6%.
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.