Yield at Egypt T-bill auction rises, size reduced

Egypt's central bank cut back on the amount of 273-day treasury bills it was prepared to sell at an auction on Sunday after the yields that potential buyers were demanding increased.

The average yield on the bills that the central bank sold rose to 15.822 percent from 15.645 percent at the last issue on Jan. 17, it said.

It sold bills worth 1.452 billion Egyptian pounds ($240.7 million) instead of the 4 billion pounds it had originally asked for.

The central bank sells the bills on behalf of the Finance Ministry.