Interbank rate falls to 8.05 percent

Daily Star Egypt Staff
1 Min Read

CAIRO: The median overnight interbank rate on the pound slipped to 8.05 percent on Thursday from Wednesday s 8.099 percent because the central bank accepted fewer funds than expected in an auction, bankers said. The central bank had offered 63-day certificates of deposit worth LE 8.8 billion ($1.5 billion), but accepted bids worth LE 6.464 billion. Five of seven banks contacted by Reuters had dealt overnight at rates of 8 to 8.1 percent. Rates were between 8 and 8.15 percent on Wednesday. One of the banks had dealt one-week money at 8.05 percent. Two banks had dealt one-week money on Wednesday at 8.05 and 8.30 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. The pound had weakened slightly to LE 5.7691 against the dollar by 10:00 GMT from Wednesday s closing weighted average of LE 5.7678. Reuters

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