Government issues $1.77 bln of one-year treasury bills at average yield of 2.837 pct - statement

Egypt last sold $728.5 million in one-year treasury bills at an auction in June with an average yield of 2.837 percent.

People and vehicles are seen caught in a traffic jam in front of the Central Bank of Egypt's headquarters in downtown Cairo March 17, 2013   REUTERS/Amr Abdallah Dalsh

Egypt's central bank said on Monday it had sold $1.77 billion in one-year treasury bills at an average yield of 2.837 percent.

The government has mostly relied on the local money market to finance its deficit since early 2011, when an uprising unleashed a prolonged period of political and economic volatility that deterred many foreign investors.

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