Egypt CBank offers $1.1 bn in Treasury bills

CAIRO: Egypt's central bank is offering 6.5 billion pounds ($1.1 billion) in Treasury bills, its first such auction since President Hosni Mubarak ceded control of the country to the military.

The central bank is offering on Sunday 3 billion pounds in three-month bills and 3.5 billion in 266-day bills.

It had auctioned 3.5 billion pounds in T-bills on Thursday, days after it sold 13 billion in bills to raise additional funds for the country as it wrestled with its worst political crisis in three decades.

Separately, the head of EgyptAir, the national carrier, said the country had lost 80 per cent of its forecast revenues over the past three weeks after canceling 75 per cent of its flights.

Hussein Masoud, however, did not provide a figure.