Cairo – Mubasher: The Central Bank of Egypt sold treasury bills worth EGP7.75 billion, offered through two auctions: a 91-day auction and a 273-day auction, the Ministry of Finance (MoF) stated on Sunday.
The proceedings of the first auction, which was covered 2.7 times, hit EGP3 billion with an average yield of 11.344%, maximum yield of 11.359% and yield-to-worst of 11.300%.
Meanwhile, the second auction, which was covered 1.3 times, reached EGP4.75 billion at an average yield of 12.140%, maximum and minimum yields of 12.189% and 12.051% 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.
