Egypt's central bank has cancelled an auction of 91-day treasury bills that it originally planned to issue on December 28, it said on Sunday.

The central bank gave no reason for the cancellation, but treasury dealers said they believed offers for the paper may have come in too high. "They didn't come into the range (the bank wanted)," one dealer said.

The central bank auctions the T-bills on behalf of Egypt's Finance Ministry, which had offered 91-day bills worth 1 billion Egyptian pounds ($172.2 million).

The average yield on 91-day bills at the previous auction on Dec. 19 was 9.277 percent. Another auction, of 182-day bills, went ahead on Sunday with accepted rates that were higher than at the last sale.-Reuters