Yields drop sharply on Egypt's treasury-bills after foreign currency reserves surge

The average yields on Egypt's three- and nine-month treasury bills fell sharply in an auction on Sunday, central bank data showed, days after foreign currency reserves surged above their pre-2011 levels. The average yield on the 91-day bill slipped to 19.131 percent from 20.767 percent at the last similar auction on July 30 and the yield on the 273-day bill fell to 18.878 percent from 20.570 percent.
Egypt's central bank said last week that foreign currency reserves jumped by $4.73 billion at the end of July to $36.04 billion, higher than before the uprising that drove away tourists and foreign investors, key sources of foreign currency.