Cairo: Egypt raised 5.5 billion pounds (Dh3.41 billion) from the sale of treasury bills yesterday, with the yield on one-year notes rising to a more than two-year high as unrest escalated in the Middle East and North Africa.
The Ministry of Finance sold 3.5 billion pounds of 364-day bills at an average yield of 12 per cent, the highest since November 2008, compared with 10.6 per cent when the tenor was auctioned on January 25, according to central bank data on Bloomberg.
Two billion pounds of 182-day notes were sold at an average yield of 11.73 per cent from 11.78 per cent last week, the data show.
Higher borrowing costs
The demonstrations that led to the February 11 ouster of former President Hosni Mubarak have deterred investors and raised the government's borrowing costs.
