CAIRO: The median overnight interbank rate on the Egyptian pound fell to 8.15 percent on Sunday from Thursday s 8.294 percent, with the market liquid as a batch of central bank certificates of deposit matured, traders said.
On Sunday, LE 7 billion ($1.2 billion) worth of 6-day central bank certificates matured. The central bank auctioned off 91-day treasury bills worth 500 million pounds.
There s no demand, and the maturity has made the market more liquid. Plus it s the end of the reserve period, one trader said.
Tuesday marks the beginning of a new two-week period for calculating bank reserves. Rates are generally lower toward the end of the period.
Eight out of 10 banks contacted by Reuters had dealt overnight money, at rates between 8.05 and 8.25 percent, compared with a range of 8.2 to 8.4 percent on Thursday.
As on Thursday, no banks said they had dealt one week money.
The central bank effectively controls the range of overnight rates by offering 8 percent on overnight deposits and lending at 10 percent.
By 1100 GMT, the pound was unchanged from Thursday s closing rate of 5.7434 pounds to the dollar. Reuters
