Debt target met as yields decline

Dubai: Egypt met its target of raising 5.5 billion Egyptian pounds (Dh3.39 billion) from the sale of treasury bills yesterday with yields declining at the fourth consecutive auction as the government moved to meet protesters' demands.

The Finance Ministry sold two billion pounds of three-month securities at an average yield of 11.839 per cent, 10 basis points, or 0.1 percentage point, lower than at a sale of similar-maturity notes last week, according to Central Bank of Egypt data on Bloomberg. The government has moved to quell protests by reshuffling the Cabinet.