Egyptian officials raise USD2b

08 Feb 2011

(MENAFN) After a decline in the Egyptian pound by 25 percent and a cut in GDP by roughly 1.6 percent, Egypt’s Central Bank established a Treasury bill auction that drew USD 2.2 billion in offers, announced the bank, reported Arab News.

Senior financial officials issued a statement promising the restart of the stock market in roughly seven days, in an attempt to upholdi investor’s confidence after the prolonged demonstrations.

Tourists left the country in thousands and the Egyptian pound was brought to a first six-year low, as the Tahrir protest had drifted into violence.

According to Egypt’s central bank website, the T-bill resulted with yields, averaging almost 11 percent.

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