Yields on short-term borrowing continue to drop

Yields on three-and nine-month treasury bills fell again in yesterday’s auction, continuing the drop from Thursday’s auction. Reuters notes that yields on the 91-day bill dropped to 19.131% from 20.767% and yields on the 273-day bills were down to 18.878% from 20.570%. “We are witnessing an influx of foreign inflows which is easing liquidity and reducing borrowing costs for the government,” said CI Capital senior economist Hany Farahat.