PKK lay down arms in northern Iraq in symbolic disarmament    At least 67 children dead from hunger in Gaza    U.S. judge blocks immigration arrests in Los Angeles over racial profiling claims    Trump slams protesters as 'slimeballs' after attack on ICE agents in California    Saudi Arabia reaffirms OPEC+ compliance as June crude supply hits 9.35 million bpd    Riyadh begins property acquisition for major road development projects    Saudi minister explores strategic industrial and mining partnerships with top Russian firms    Riyadh's Creative District to welcome Italy's Istituto Marangoni    CMA approves major reforms to ease investment account access for foreign and local investors    France's Lady Liberty artwork goes viral as a new Statue of Liberty could be in the works    Saudi population reaches 35.3 million in 2024, majority under 65    GASTAT: Industrial Production Index rises by 1.5% in May    Theo Hernández: Al Hilal can compete with Europe's best    Abdullah Al-Qaisoom wins silver at Asian Youth and Junior Weightlifting Championship    Aubameyang's future at Al Qadsiah in doubt after cryptic post comparing Saudi League strikers    Makkah Deputy Emir leads washing of Holy Kaaba    SFDA approves 'Winrevair' for rare pulmonary hypertension treatment    HONOR returns to Esports World Cup as Official Smartphone Partner for 2025 The renewed commitment will see HONOR elevate mobile esports competition with cutting-edge AI technologies and industry-leading hardware    Michael Madsen, actor of 'Kill Bill' and 'Reservoir Dogs' fame, dead at 67    BTS are back: K-pop band confirm new album and tour    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt sells $1.07 billion Treasury bills
Published in The Saudi Gazette on 13 - 01 - 2014

CAIRO – The Egyptian government accepted bids for $1.070 billion worth of one-year dollar-denominated treasury bills at an auction on Sunday with an average yield of 2.593 percent, the central bank said.
The total bids amounted to $1.380 billion. The Ministry of Finance had set the issue size at $1 billion. The minimum yield was 2.54 percent and the maximum was 2.6 percent.
The bank introduced dollar-denominated T-bills in November 2011 after a popular uprising chased away most foreign investors. The government has mainly turned to the local money market to finance its public deficit but the ability of local banks to lend the government Egyptian pounds has been stretched to its limit.
Meanwhile, Egyptian shares rose to the highest in three years as EFG-Hermes Holding SAE's buyback boosted the stock by almost the daily limit and before a referendum this week.
The benchmark EGX 30 Index climbed 1.7 percent to 7,095.92 at 12:39 p.m. in Cairo, the highest since before the start of the uprising that ousted President Hosni Mubarak in January 2011. EFG-Hermes, the country's biggest investment bank, surged 9.9 percent to 10.76 pounds and Commercial International Bank Egypt SAE, the nation's biggest publicly traded lender, headed for the highest close since 1997.
“EFG-Hermes is one of the market's bellwether stocks,” said Tariq Hussein, co-head of MENA Sales Trading at Cairo-based CI Capital. “The surge in shares of EFG-Hermes is inevitably having a knock-on effect across the board and buoying market sentiment.”
Twenty-four of the gauge's shares advanced after the country's biggest investment bank said Jan. 9 it would buy back 1 billion pounds ($144 million) of its stock, paying investors 11.5 pounds a share in the first phase. Egypt's benchmark stock index has gained 4.7 percent this month after climbing 24 percent last year.
Egyptians head to the polls this week to vote on a new military-backed constitution amid a boycott by Islamists that back ousted president Mohamed Morsi. The referendum would pave the way for parliamentary and presidential elections this year, according to the military's plan. — Agencies


Clic here to read the story from its source.