Yields tumble at Egypt T-bill auction

CAIRO: The average yields on 4.5 billion Egyptian pounds ($738.49 million) of 91- and 266-day treasury bills fell sharply at a central bank auction on Sunday, the Ministry of Finance said.

The average yield on 1 billion pounds of 91-day bills dropped to 12.396 percent, its lowest since November last year, from 13.747 percent at an auction on Sept. 9.

The yield on 3.5 billion pounds of 266-day bills tumbled to 13.354 percent, its lowest since August last year, from 15.486 at the Sept. 9 auction.

Interest rates on the Egyptian government's debt have fallen from historic highs in recent weeks as optimism grows that it will secure help for a struggling economy from the International Monetary Fund and other foreign donors.

The central bank sold all the bills it had offered on behalf of the finance ministry.