February 26, 2018 / 4:49 PM / a year ago

Average yields jump on Egypt's 10-year T-bonds

CAIRO, Feb 26 (Reuters) - Average yields on Egypt’s 10-year treasury bonds jumped by nearly 1 percent at an auction on Monday, central bank data showed.

The 10-year bond rose to 14.800 percent from 13.871 percent at the last auction on Feb. 12.

At a separate auction on Monday, the average yield on the five-year bond rose to 14.911 percent from 14.438 percent, data showed.

Egypt raised key interest rates by 700 basis points after it floated its currency in November 2016, encouraging foreigners to buy up its debt and collecting more than $20 billion from foreign investors in treasury purchases.

The central bank cut interest rates earlier this month by 100 basis points after inflation rates hit their lowest levels in more than a year. (Reporting by Arwa Gaballa; Editing by Alison Williams)

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