Cairo: Egypt resumed the sales of three- month treasury bills yesterday after halting them in January to save on interest payments and after yields on other government securities declined from record highs.
The North African country will seek bids for notes valued at 2 billion Egyptian pounds (Dh1.21 billion), in addition to nine-month bills valued at 3.5 billion pounds, according to central bank data on Bloomberg.
The mid-yield on three-month treasury bills in the secondary market was at 13.38 per cent yesterday, compared with the 13.834 per cent average yield the government paid at the last sale of similar-maturity notes.
Domestic debt yields soared more than 2 per centage points on one-year securities from mid-October to mid-February as political instability persisted and pressure grew on funds at local banks which increased their holdings of the debt.
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The average yield on one-year bills was at 15.709 per cent at a March 29 sale, down from 15.975 per cent on February 9, the highest on record since Bloomberg started tracking the data in 2006.