Cairo – Mubasher: The Central Bank of Egypt sold treasury bills worth EGP7.5 billion, offered through two auctions: a 91-day auction at a value of EGP3 billion and a 266-day auction at a value of EGP4.5 billion, the Ministry of Finance (MoF) announced on Sunday.
The proceedings of the first auction, which was covered 2.4 times, hit EGP3 billion with an average yield of 12.089%, maximum yield of 12.111% and yield-to-worst of 12.049%.
Meanwhile, the second auction, which was covered 1.7 times, reached EGP4.5 billion at an average yield of 12.11%, maximum and minimum yields of 12.111% and 12.049% respectively.
The Egyptian government issues T-bills and bonds to fund the state budget deficit that reached 4.9% of GDP or EGP138.5 billion in 2015/16, against EGP107.9 last year.
