Yields drop at six-month, one-year T-bill auctions on Thursday
Average yields on the six-month treasury bill fell to 18.832% at Thursday’s auction from 19.574% at the last sale, while those on the 357-day bill fell to 18.705% from 19.348%. The one-year bill yields have now fallen by a total of 225 bps and the six-month bill yields by 234 bps since the Central Bank announced that foreign currency reserves had hit USD36.04bn, surpassing levels before Egypt's 2011 uprising. Foreign purchases in Thursday's sale totalled EGP2.9bn (USD163.47mn), according to the Head of Public Debt at the Finance Ministry, Sami Khallaf. Total foreign holdings of Egyptian treasuries reached EGP270.5bn (USD15.25bn) as of the auction on 8 August, he said. Meanwhile, Egypt attracted USD9.8bn in foreign investment in domestic debt instruments in FY16/17 fiscal year that ended in June, compared to USD1.1bn in the previous fiscal year.
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