Average yields on Egyptian 3 and 7-year T-bonds fall

CAIRO - 25 December 2017: The average yield on Egypt’s three-year and seven-year treasury bonds fell at an auction on Monday, central bank data showed.

The average yield on three-year bonds was 15.542 percent, compared with 16.094 percent at the last auction on Nov. 11. The average seven-year bond yield fell to 15.554 percent from 16.114 percent.

Egypt has raised key interest rates by 700 basis points since November 2016 when it floated the pound currency to secure a $12 billion International Monetary Fund loan aimed at reviving its economy.

The hike in the rates has encouraged investors to buy up Egypt’s debt.