Central Bank sells more dollar T-bills than it sought

The Central Bank of Egypt said it sold more one-year US-dollar-denominated treasury bills on Tuesday than it had sought and that the average yield had fallen to its lowest since the instrument was introduced in November.

"Due to increased appetite by both local and offshore financial institutions, the Ministry of Finance accepted $0.75 billion, which is $250 million higher than the original offer," the Central Bank said.

The weighted average yield was 3.844 percent, down from 3.855 percent at the last issue on 17 January.

The Central Bank received bids worth $1.226 billion, with yields on the accepted bids ranging from 3.8 to 3.85 percent. The bank had originally offered $500 million.

The average yield at the last issue of dollar-denominated T-bills on 18 January was 3.855 percent.

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