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Egypt Sells Fewer Treasury Bills Than Planned as Yields Rise

Egyptian Prime Minister-designate Essam Sharaf, left, addresses demonstrators in Cairo's Tahrir Square on Friday. Source: AFP/Getty Images
Egyptian Prime Minister-designate Essam Sharaf, left, addresses demonstrators in Cairo's Tahrir Square on Friday. Source: AFP/Getty Images

March 6 (Bloomberg) -- Egypt raised 3 billion pounds ($509 million) in treasury bills today, 1.5 billion pounds less than planned, as yields rose on concern the economy is struggling to recover from the revolt that toppled President Hosni Mubarak.

The Ministry of Finance sold 1 billion pounds of 91-day bills at at a yield of 11.49 percent, the highest level since January 2009 and 39 basis points higher than the previous sale on March 1, according to data compiled by Bloomberg. It raised 2 billion pounds out of 3.5 billion pounds it had sought in 266-day notes, with the average yield rising to 12.47 percent, the highest since November 2008 and 31 basis points above debt sold in the previous auction.

Yields are climbing amid investor concern at the country’s failure to reopen its stock exchange three weeks after the uprising forced Mubarak to resign on Feb. 11. Economic growth will slow to about 4 percent in this fiscal year through June, from an earlier forecast of about 6 percent, Finance Minister Samir Radwan said.

Prime Minister-designate Essam Sharaf may announce the full list of his cabinet by the end of the week, spokesman Magdy Rady told reporters on March 5. Radwan is likely to retain his post, the state-run Al Ahram newspaper reported, without saying how it got the information.

Samy Khallaf, adviser to Radwan, couldn’t be reached for comment by Bloomberg News at his office in Cairo.

Sharaf succeeds Ahmed Shafik, who bowed to popular pressure and resigned last week. Mubarak had appointed Shafik in January in a bid to placate the anti-government protesters.

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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