Egypt sells fewer T-bills

CAIRO: Egypt's central bank sold fewer 91-day treasury bills than it offered at an auction on Sunday after yields rose from last week.

The bank sold 1 billion Egyptian pounds ($167.6 million) of 91-day bills at an average yield of 12.112 percent, up from 12.095 percent at last week's auction. It had asked for bills worth 2 billion pounds.

It also sold 1.5 billion pounds of 273-day T-bills after having offered 3.5 billion pounds. The average yield dipped to 12.887 percent from 12.944 percent at the last issue on June 21.

Copyright Reuters, 2011