Yields on Egypt’s three-month, six-month, nine-month and one- year treasury bills rose at Sunday’s auction, data from the central bank showed.
The average yield on Egypt’s 91-day bill rose to 14.093 percent from 13.974 percent at the last sale on July 3 and the yield on the 273-day bill rose to 15.320 percent from 15.115 percent at a similar auction a week ago.
The average yield on the 182-day bill also rose to 15.110 percent from 14.917 percent at the last sale on June 29 and the yield on the 364-day bill rose to 15.370 percent from 15.185 percent at a similar auction.
This comes after Egypt’s central bank raised its key interest rates by 100 basis points last month to their highest levels in years, in a move economists said was intended to rein in surging inflation and ease downward pressure on the Egyptian pound.
The Monetary Policy Committee (MPC) raised the overnight deposit rate from 10.75 percent to 11.75 percent, its highest level in over a decade. It hiked the overnight lending rate from 11.75 percent to 12.75 percent, its highest since 2008.(Reuters)