CAIRO (Reuters) – Yields on Egyptian 182-day T-bills rose at an auction on Thursday as a weakeningEgyptian pound and uncertainty about the fate of a $4.8 billion IMF loan drove up the cost of government borrowing.
The average yield climbed to 14.104 percent from 13.300 percent at the last issue on December 25. Last week’s auction was cancelled.
“Rates have been on the rise after the political tension since the presidential decree,” said Cairo-based fixed-income dealer Ahmed Kheir El Din. “The uncertainty about the IMF loan is also weighing on trader sentiment,” he said.
Political turmoil in recent weeks over a new constitution has put pressure on the pound as Egyptians scrambled to sell local currency, forcing the central last weekend to impose a new currency regime to try…
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