February 5, 2011 / 4:50 PM / 9 years ago

UPDATE 1-Egypt to auction T-bills Monday for Tues settlement

(Adds trader comment)

CAIRO, Feb 5 (Reuters) - Egypt’s central bank will resume its Treasury bill auctions on Monday after a one-week interruption caused by the country’s political unrest, Deputy Governor Hisham Ramez said.

“We will announce the schedule on Sunday, hold the auction on Monday and have settlement on Tuesday,” he said by telephone. He did not mention the amounts to be offered or their maturities.

Egypt’s banks will reopen on Sunday after a week-long closure. The central bank has said it will redeem on Sunday bills worth 3.5 billion Egyptian pounds ($6 million) that matured last week. Another 17 billion pounds in bills will mature on Tuesday.

The central bank normally holds its auctions on Sunday, but probably wants to let the market calm down after banks reopen, a Cairo-based treasury dealer said.

“I think Monday will still be a bit tight,” he said. “It is an operational and not a financial issue.” ($1=5.857 Egyptian Pound) (Reporting by Patrick Werr; Editing by Susan Fenton)

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