Average yields rise on Egypt's three- and nine-month T-bills

CAIRO: Average yields on Egypt's three- and nine-month treasury bills rose marginally at an auction on Sunday, central bank data showed.

Yields on the 91-day bills rose to 17.896 percent from 17.888 percent at the last similar sale a week earlier, and yields on 273-day bills rose to 17.101 percent from 16.942 percent.

Egypt's debt has seen huge demand since the central bank hiked interest rates by 700 basis points after floating its currency in late 2016.

Yields have been coming down since the start of the year, however, and the central bank cut rates on Feb. 15 for the first time since the float, lowering key rates by 100 basis points after inflation rates fell to their lowest in more than a year.

Some economists expect further interest rate cuts this year, which could drive T-bill yields down further still.

The central bank monetary policy committee will next convene on March 29.