Investors have sought higher yields to match the increased central bank rates and on the expectation the currency will continue to weaken after having lost half its value against the dollar over the last year, analysts say.
The finance ministry has struggled to keep its budget deficit from widening as it was forced to pay increasingly high interest rates on its large stock of debt.
The average yield on 273-day bills edged up to 23.341% from 23.059% last week, with both figures exceeding a record 22.444% reached on July 11, 2017.
The central bank only accepted 76 bids worth 5.58 billion Egyptian pounds ($181 million) for the 273-day bills out of the 203 bids worth 32.66 billion pounds it received. Last week it accepted bids worth a mere 79.38 million pounds.
The average yield on 91-day bills climbed to 21.297% from 20.924% last week. This was still shy of a record 22.523% average yield paid on July 11, 2017.
The central bank only accepted 239 bids worth 4.47 billion Egyptian pounds for the 91-day bills out of the 519 bids worth 58.55 billion pounds it received. Last week it only accepted bids worth 324.1 million pounds.
($1 = 30.8500 Egyptian pounds) (Reporting by Patrick Werr; editing by Philippa Fletcher)
