Interbank rate rises to 8.2 percent

Daily Star Egypt Staff
1 Min Read

CAIRO: The median overnight interbank rate on the pound rose slightly to 8.2 percent on Wednesday from Tuesday s 8.185 percent as bankers awaited the result of a certificate of deposit auction. The central bank was auctioning 21-day certificate of deposits worth LE 4.6 billion. Three of seven banks contacted by Reuters had dealt overnight at 8.125 to 8.25 percent. Overnight rates at banks contacted on Tuesday were 8.1 to 8.25 percent. The central bank sets a corridor for overnight interbank rates by offering to borrow funds from banks at 8 percent and lend to them at 10 percent. None of the banks had dealt one-week money. Two banks dealt one-week money on Tuesday at 8.2 and 8.4 percent. By 10:00 GMT, the pound had strengthened slightly to LE 5.7625 to the dollar, against a general weighted average of LE 5.7632 on Tuesday. Reuters

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