Egypt sells LE5 billion in T-bills, yields rise

Egypt's Central Bank sold LE5 billion (US$837.55 million) in domestic treasury bills on Sunday, the same amount it had offered, the Finance Ministry said.

The Central Bank sold LE1.5 billion of 91-day T-bills on behalf of the ministry. The average yield rose to 12.298 percent from 12.242 percent at last week's auction.

It also sold LE3.5 billion of 273-day T-bills, and the average yield rose to 13.84 percent from 13.625 percent at the last issue on Oct. 18.

Experts say that the country’s economy suffered from an exodus of tourists and foreign investors in the wake of the uprising that toppled former President Hosni Mubarak in February.

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