Average yields fall on Egypt's six-month and one-year T-bills

CAIRO: Average yields on Egypt's six-month and one-year treasury bills fell once more at an auction on Thursday, data from the central bank showed.

The yield on the 182-day bill fell to 19.331 percent from 19.605 percent, while the yield on the 364-day bill fell to 19.134 percent from 19.379 percent.

Egypt's short and long-term debt yields have been climbing since April, with 12-month bills last week hitting their highest levels since July 2017, when they peaked at 21.72 percent.

But the yields began to cool after last week's auction.

Economists and bankers said the higher yields are part of a broad global selloff in emerging markets that has hit Egypt, one of the world's hottest destinations for portfolio investors last year after short-term yields touched 22 percent, the result of aggressive central bank rate hikes aimed at curbing inflation.