Egypt reduces size of treasury bills sale

Egypt's central bank sold 4.5 billion Egyptian pounds ($755.33 million) in domestic treasury bills on Sunday, paring 500 million pounds from the amount it had offered, the Ministry of Finance said. The central bank sold 1.5 billion pounds of 91-day T-bills, the same amount it had offered, on behalf of the Finance Ministry. The average yield rose to 11.874 percent from 11.756 percent at last week's auction.
However, the bank sold only 3 billion pounds of 273-day T-bills, instead of the 3.5 billion pounds it had asked for. The average yield declined to 12.858 percent from 12.887 percent at the last issue on July 5.