Median o/n interbank rises to 8.25 percent

Daily Star Egypt Staff
1 Min Read

CAIRO: The median overnight interbank rate on the Egyptian pound rose to 8.25 percent on Thursday from 8.194 percent on Wednesday, as a central bank auction drew liquidity from the market, traders said. The auction of Central Bank of Egypt Notes worth LE 3 ($521 million) was not covered by maturing funds, the traders said. The auction is totally new. It drew out some of the liquidity in the market, one of the traders said. Four out of 13 banks contacted by Reuters dealt overnight at rates of between 8.2 and 8.6 percent, compared with 8.15 to 8.35 percent range on Wednesday. The central bank sets a range for overnight interbank rates by borrowing funds from banks at 8 percent and lending at 10 percent. One of the banks said it had dealt one-week money at 8.25 percent. On Wednesday, one bank said it had dealt one-week money at 8.4 percent. By 11:00 GMT, the pound had weakened fractionally to LE 5.7492 to the dollar from Wednesday s general weighted average of LE 5.7484. Reuters

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