Egypt plans to issue a $950 million one-year Treasury bill open to both local banks and international financial institutions next week, the central bank said on Thursday.

It said the auction deadline was January 12, and the dollar-denominated bill will mature on January 12, 2016.

Egypt last sold $1.17 billion worth of one-year dollar-denominated treasury bills in December at an average yield of 2.1 per cent.

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.

The central bank plans to tap international investors for $1.5 billion in eurobonds this year, as the economy shows signs of recovering.

Ratings agency Fitch last month upgraded Egypt's sovereign debt to a 'B' rating with a stable outlook, after the government took steps to cut subsidies and raise taxes as part of a fiscal consolidation plan.

Moody's changed Egypt's outlook to stable from negative in October. - Reuters