Finance Ministry Fails To Sell EGP 3 Bln T-Bills As Banks Demand Higher Returns

The Egyptian Ministry of Finance failed to sell T-bills worth EGP 3 billion today as banks demand higher returns. CBE also canceled an auction on T-bills worth EGP 6 billion last week.

The Ministry sold 273-day T-bills worth EGP one billion, while it targeted to sell T-bills worth EGP 4 billion.

273-day T-bills are offered at an average rate of 13.7%. Yields on T-bills ranged from 13.2% to 13.91%.