Government cancels sale of five-year treasuries on Monday

Egypt canceled its sale of five-year t-bills at an auction on Monday, according to CBE data. This was reportedly due to the high yields demanded by potential buyers, a Finance Ministry official told Reuters. Interest rates on the five-year bonds reached 23.6%, said the official, who speculated that higher rates were prompted by banks’ anticipation of the results of the Monetary Policy Committee’s meeting on Thursday.