Yield dips at Egypt 273-day T-bill auction

CAIRO: The average yield at an auction on Sunday of Egyptian 273-day treasury bills declined, and the central bank sold more than it originally offered, the Ministry of Finance said on its website.

Yields have been edging down since Feb. 2 on optimism that the worst of Egypt's troubles may be over after a year of political and economic turmoil.

The average yield edged slid to 15.829 percent from 15.886 percent at the last issue on March 6. The bank sold 4.5 billion Egyptian pounds ($745.9 million) of 273-day T-bills instead of the 3.5 billion pounds it had offered.

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