CAIRO Jan 12 The Egyptian government accepted
bids for $1.070 billion worth of one-year dollar-denominated
treasury bills at an auction on Sunday with an average yield of
2.593 percent, the central bank said.
The total bids amounted to $1.380 billion. The Ministry of
Finance had set the issue size at $1 billion. The minimum yield
was 2.54 percent and the maximum was 2.6 percent.
The bank introduced dollar-denominated T-bills in November
2011 after a popular uprising chased away most foreign
investors. The government has mainly turned to the local money
market to finance its public deficit but the ability of local
banks to lend the government Egyptian pounds has been stretched
to its limit.
(Reporting by Shaimaa Fayed)