CAIRO (Reuters) - Egyptian treasury bill yields tumbled at an auction on Sunday on hopes that the transitional cabinet, armed with billions of Gulf Arab dollars, will shore up the economy and restore political stability.
The cabinet, appointed last week, said in a statement after a meeting on Sunday that "the people need to be informed candidly about the size of Egypt's problems, which require quick and decisive action".
Egypt received $2 billion in aid from Saudi Arabia on Sunday and $3 billion from the United Arab Emirates on Thursday.
"You've got the cabinet now in place ... Optimism is in the air and the significant amounts of aid that have been pledged and are materialising now ... all of these factors are making investors bullish," said one Cairo-based fixed income trader.
He said the fact that a committee to amend Egypt's suspended constitution had started work on Sunday showed that action is being taken to ensure a quick transition to parliamentary and presidential elections.
The average yield on 91-day treasury bills dropped to 12.851 percent from 13.237 percent at last week's auction, the central bank said. The yield has fallen by more than 1.5 percentage points since the army removed President Mohamed Mursi on July 3 after mass popular protests.
The yield on 266-day treasury bills dropped to 13.769 percent from 14.160 percent at the last auction on July 14.
The central bank sold 2 billion Egyptian pounds of the 91-day bills and 3.5 billion pounds of the 266-day bills, the same amounts it had sought.
Source: http://news.yahoo.com/yields-egypt-t-bills-fall-gulf-aid-cabinet-154138504.html
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