Interbank rate rises to 8.25 percent

Daily Star Egypt Staff
1 Min Read

CAIRO: The median overnight interbank rate on the pound rose to 8.25 percent on Tuesday from Monday s 8.123 percent with market conditions largely unchanged, bankers said. Four of seven banks contacted by Reuters had dealt overnight, all of them at 8.25 percent. Rates at banks contacted on Monday were between 8 and 8.1875 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. Only one of the banks had dealt one-week money at 8.3 percent. One bank had dealt one-week money on Monday at 8.05 percent. The pound had weakened slightly to 5.7673 against the dollar by 1100 GMT from Monday s closing weighted average of 5.7660. Reuters

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