Yields decline on Egypt T-bills

CAIRO: Yields continued to decline at an auction of Egyptian treasury bills on Thursday, with the government selling 5.5 billion Egyptian pounds ($905.08 million) of 182-day and 357-day debt, the finance ministry said.

The average yield on the 182-day T-bills was 15.199 percent, down from 15.207 percent at an auction last week. The bank sold 3.5 billion Egyptian pounds, instead of the 2 billion pounds it had offered.

The average yield on the 357-day bills was 15.755 percent, down from 15.771 at the last issue on July 24. The bank sold 2 billion pounds instead of the 3.5 billion pounds it had sought.

The central bank sells the bills on behalf of the finance ministry.