Cairo – Mubasher: Egypt’s Ministry of Finance (MoF) cancelled a five-year bond auction worth EGP 3.25 billion due to its high average interest rate on Monday.
The ministry accepted bids in a ten-year bond auction worth EGP 1.75 billion. Yet the maximum, minimum and average yields recorded high rates reaching 16.150%, 15.200%, and 15.999% 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 the period July-November 2015/16, against EGP107.9 billion in the same period last year.
