Egypt cancels bill auction

91-day treasury bill auction set for March 24 cancelled; no reason given by Finance Ministry.
Egypt cancels bill auction
By Mohamed Samir
Sun 22 Mar 2009 09:59 PM

Egypt's central bank has cancelled a 91-day treasury bill auction planned for March 24, it said on Sunday.The bank auctions the instruments on behalf of Egypt's Finance Ministry, which was offering 91-day T-bills worth 1 billion Egyptian pounds ($177.64 million).

The central bank gave no reason for the cancellation.

The average yield on 91-day T-bills at the previous auction on March 15 was 10.518 percent.

Bills worth 4 billion pounds and 21.835 billion pounds in central bank deposits are due to mature on March 24. (Reuters)

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