Egypt to issue $1.75 bln in 1-year T-bills

 Egypt's central bank said on Thursday it would issue $1.75 billion in one-year treasury bills to local banks and foreign financial institutions at an auction on Nov. 25.

The government has turned mainly to the local money market to finance its public deficit since a popular uprising in early 2011, which has deterred many foreign investors.

The issuance would be a rollover of an existing issue, two traders at Egyptian banks said.

Egypt last issued a dollar-denominated bill in June.

On Monday it sold 734.3 million euros ($919 million) in euro-denominated one-year treasury bills, exceeding its plans to sell 650 million euros. The average yield was 1.894 percent.

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