Egypt central bank sells $971.3mn in one-year T-bills

CAIRO: Egypt's central bank said it sold $971.3 million in one-year treasury bills at an average yield of 2.125 percent at its auction on Monday.

The minimum yield was 2.1 percent and the maximum was 2.138 percent and the bills will be issued on Tuesday.

Egypt last sold $1.1731 billion worth of one-year dollar-denominated treasury bills in December at an average yield of 2.133 percent.

The government has mostly relied on the local money market to finance its deficit since early 2011, when an uprising unleashed a prolonged period of political and economic volatility that deterred many foreign investors.

It plans to tap international investors for $1.5 billion in bonds this year, as the economy shows signs of recovering and the country's sovereign debt outlook improves.