Average yields fall on Egypt's treasury bills

The average yields on Egypt's three- and nine-month treasury bills fell at an auction on Sunday, central bank data showed. The average yield on the 91-day bill fell to 19.059 percent from 19.080 at the last similar auction on August 13. The yield on the 273-day bill fell to 18.978 percent from 19.004 percent at the last auction.
Foreign contributions in the sale amounted to 2.9 billion Egyptian pounds ($163.56 million), said Sami Khallaf, head of public debt at the Finance Ministry. Demand for Egypt's domestic debt has risen since the central bank floated its pound currency in November as part of an International Monetary Fund loan agreement aimed at reviving the economy. The central bank has raised its key interest rates by 700 basis points since the pound float.