UPDATE 1-Egypt to auction $1 billion in one-year dollar T-bills on Monday -

(Adds details on maturing T-bills, background)

CAIRO, Feb 7 (Reuters) - Egypt will auction $1 billion in one-year dollar-denominated treasury bills on Monday, the central bank said on Thursday.

The auction will be settled on Feb. 12.

Egypt sold $854 million in dollar-denominated bills at an average yield of 3.797 percent at a similar auction on Jan. 6.

Dollar T-bills worth $1.075 billion are due to mature on Tuesday.

Officials say they are trying to diversify the country’s sources of foreign debt and lengthen its average maturity.

Egypt’s short-term dollar-denominated debt had fallen to about $14 billion as of the end of 2018, the deputy finance minister said on Sunday. (Reporting by Nadine Awadalla and Patrick Werr Editing by Robin Pomeroy and Edmund Blair)