Egyptian treasury has 'too much money'

Egyptian Finance Minister Youssef Boutros-Ghali said on Tuesday that unexpectedly high revenue had flooded the Egyptian treasury, prompting it to cancel some of the regular auctions of treasury bills.
"I have too much money. We still haven't quite worked out a cash flow system," he told Reuters in Dubai. But he said he expected the auctions of t-bills to resume in about 15 days, with an offer in the range of 1 billion to 1.5 billion Egyptian pounds ($174 million to $262 million).
The central bank later announced that auctions will take place on December 7, December 10 and December 11, starting with 364-day bills, then 91-day bills and then 182-day bills. Bills worth 1 billion pounds will be available in each of the three auctions.