Average yields on Egypt’s 3- and 7-year T-bonds rise

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

The average yield on the three-year bonds rose to 15.874 percent on Monday from 15.578 percent at the last auction, on Oct. 30. The average seven-year bond yield rose to 15.955 percent from 15.600 percent.

Appetite for Egypt’s domestic debt has increased since November 2016, when the central bank floated the pound currency. Since then, Egypt has raised key interest rates by 700 basis points.