CAIRO: Yields on Egypt’s six-month and one-year treasury bills jumped at Thursday’s auction, the same day Egypt’s monetary policy committee raised interest rates by 150 basis points.
The average yield on Egypt’s 182-day bill rose to 13.268 percent, compared with 12.222 percent at the last sale on March 10. The yield on the 364-day bill rose to 13.589 percent, against 12.514 percent at its last similar auction on March 10.
Yields have been rising on anticipation of an interest rate hike at Thursday’s monetary policy meeting.
A few minutes before the treasury bill announcement was made the central bank said it has raised its key interest rates by 150 basis points after its meeting on Thursday.