Egypt raises 3.1 bln pounds of treasury bills

Egypt has raised 3.1 billion Egyptian pounds (EGP) of 182 day and 350 day sales of treasury bills, less than half of the targeted EGP seven billion (some USD 1.2 billion), the Finance Ministry announced here on Thursday. In a press statement, the Ministry said it raised EGP two billion of 182-day bills at an average yield of 12.791 percent of offered bills worth EGP 3.5 billion. It raised EGP 1.1 billion of 350-day treasury bills after having offered EGP 3.5 billion with the average yield up to 12.982 percent. The Ministry also revealed plans to offer 91 and 266-day treasury bills at total value of EGP 6.5 billion next Sunday.