Cairo – Mubasher: Returns on the Egyptian government’s treasury bonds have increased at Monday’s auction, according to data released by the Ministry of Finance (MoF).

The ministry said that the average return on the three-year bonds reached 17.198%, with the lowest rate seen at 17.1% and the highest at 17.35%. It was oversubscribed by 180%.

The ministry added that the average return on the seven-year bonds went up to 17.207%, as the highest return registered 17.26%, while the lowest stood at 17.16%.

On 3 November, the Central Bank of Egypt (CBE) decided to float the Egyptian pound and raise interest rates by 300 basis points, which lead to a jump in the returns on treasury bonds.

The CBE reported that net international reserves went up to $28.5 billion by the end of March 2017, its highest level since March 2011.