CAIRO: The median overnight interbank rate on the pound rose to 8.35 percent on Wednesday from 8.255 percent on Tuesday with a central bank auction drawing some funds from the market, traders said. The auction for 35-day Central Bank of Egypt Notes worth LE 5.7 billion ($1 billion) is not covered by maturing funds. There is the auction for the notes and many of the banks have gone into that instead of the interbank market, one of the traders said. Three out of 10 banks contacted by Reuters had dealt overnight money, at rates between 8.25 and 8.35 percent. Rates at banks contacted on Tuesday ranged between 8.25 and 8.4 percent. The central bank sets a corridor for overnight interbank rates by offering to borrow funds from banks at 8 percent and to lend to them at 10 percent. None of the banks had dealt one-week money on Wednesday or Tuesday. The pound weakened against the dollar by 09:00 GMT to LE 5.7569 from Tuesday s general weighted average of LE 5.7554. Reuters
Interbank rate up at 8.35 percent
