Egypt cancels 1.5 and 3 year bond auctions, 7-year bond yields rise

CAIRO: Egypt cancelled its 18-month and three-year bond auctions on Monday and yields on its seven-year bond rose, data from the central bank showed.

The yields on the seven-year bond stood at 17.521 percent compared with 17.291 at the last similar sale, held on July 11.

The central bank did not give a reason for the cancellations, but one banker said the bids submitted were likely considered too high.

Yields on Egyptian government debt have been rising since the central bank raised its key interest rates by 100 basis points last month to their highest level in years to rein in inflation and stabilise the currency.

Egypt's Monetary Policy Committee is due to make its next policy rate decision on Thursday.