By: Heba El-Kordy

Cairo – Mubasher: Total yields on Egypt’s 273-day and 91-day treasury bills (T-bills) sold in Sunday’s auction amounted to EGP 20.5 billion, up EGP 3.5 billion than the requested sum of EGP 17 billion, data by the Central Bank of Egypt (CBE) showed Monday.

Yields on the 273-day T-bills reached 18.68%, marking the lowest level in eight months, with EGP 12.09 billion in proceeds, according to the CBE.

Meanwhile, the average yield of the 91-day notes reached 18.47% with EGP 8.5 billion in proceeds, the bank highlighted.

On Sunday, the CBE announced that it would issue T-bills worth EGP 17 billion in a bid on behalf of the Ministry of Finance (MOF).

Egypt’s debt instruments, especially T-bills, are attractive to foreign investors owing to their high yield. State-run banks are the largest holders of the government’s debt instruments.

The MOF previously stated it aims to finance the general budget deficit of EGP 511.2 billion in fiscal year 2018/2019.

Egypt aims to issue EGP 409.6 billion T-bills and EGP 101.6 billion bonds in FY18/19.

Translated by: Mai Ezz El-Din