Egypt sells LE6 billion in domestic treasury bills at higher yields

Sales of short-term government debt reach their target as experts say the global downturn is unlikely to have much effect on an already depressed market

Egypt's central bank sold LE6 billion in domestic treasury bills (T-bills) on Sunday, the same amount it had offered but at a higher yield
The central bank sold LE2.5 billion of 91-day T-bills on behalf of the Finance Ministry at an average yield of 11.995 per cent, up from 11.874 per cent at last week's auction.
It also sold LE3.5 billion of 266-day T-bills at an average yield of 12.943 per cent, up from 12.816 per cent at the last issue on 12 July.
Treasury bill sales are more dependent on domestic buyers, according to Egyptian experts, who say the global downturn will have relatively little effect given the already depressed state of the market.