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Egypt central bank reduces treasury bill offering

February 7, 2011‐ Cairo, Egypt

Business media sources say that the Egypt central bank has reduced the treasury bill offering on Monday.

The 91-day offering which used to be 8 billion Egyptian pounds is now only 7 billion Egyptian pounds. The average yield of the bills is up at 11% compared to the previous 9.5% sale made last week before political unrest has hit the country forcing the temporary closure of the banking system. The central bank was also offering 5 billion pounds in 182-day bills and 2 billion pounds in 273-day bills. The 2 billion, 273-day bills as sold as planned.

This indicates the country's debt was subdued after two weeks of political unrest.

Egyptian banks have reduced their business hours and are open from 10:00 am to 1:30 pm.

Meanwhile, the Egyptian Pound has hit a new 6-year low today. The stock markets in the country are closed on January 27, 2011 and are likely to resume from next Sunday.

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