BREAKING NEWS

Egypt Central Bank sells $1.1b in Treasury bills

By ASSOCIATED PRESS

FEBRUARY 14, 2011 00:08

CAIRO — Egypt's Central Bank on Sunday sold 6.5 billion pounds ($1.1 billion) in Treasury bills, still forced to pay high yields despite the easing of tensions after President Hosni Mubarak ceded control of the country to the military.

The auction of 3 billion pounds in three-month bills and 3.5 billion in 266-day bills was the latest push by the Egyptian government to raise funds as the political crisis battered the country's economy.

It was the first such auction since Mubarak left office on Thursday after 18 days of protests in which hundreds of thousands demanded his ouster.

Yields for the 91-day bills averaged almost 10.95 percent while the 266-day T-bill averaged almost 11.68 percent, slightly lower than previous sales last week.

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