CAIRO: Egypt's central bank said it sold $1.796 billion in one-year dollar-denominated treasury bills to local banks and foreign financial institutions on Monday, more than the bank had expected when it announced the auction.
The government has relied mainly on the local money market to finance its public deficit since a popular uprising in early 2011 that deterred many foreign investors.
Announcing thhe auction last Thursday, the central bank said it intended to sell $1.75 billion of dollar-denominated bills.
The sale rolls over an expiring T-bill, two traders at Egyptian banks and a government source said. Egypt last issued a dollar-denominated bill in June.
Last Monday it sold 734.3 million euros ($919 million) in euro-denominated one-year treasury bills, exceeding its plans to sell 650 million euros. The average yield was 1.894 percent.