Egypt Cancels Sale Of T-Bonds Worth EGP 2 Bln On Monday

The Egyptian Ministry of Finance failed on Monday to sell T-bonds worth EGP 2 billion because banks have demanded higher returns.

The Ministry canceled the sale of 5-year T-bonds worth EGP one billion and 7-year T-bonds worth EGP one billion.

It is worth mentioning that the Ministry had earlier canceled the sale of T-bills worth EGP 11 billion at the beginning of Q3 of the current year because banks demanded high returns.

The Central Bank of Egypt (CBE) sells T-bonds on behalf of the Ministry of Finance.