Median interbank rate falls to 8.075 percent

Daily Star Egypt Staff
1 Min Read

CAIRO: The median overnight interbank rate on the pound fell to 8.075 percent on Monday from 8.257 on Sunday at the end of the two-week period for calculating bank reserves, bankers said. Some banks even dealt overnight money at 8 percent, the minimum level maintained by the central bank, which offers to take overnight deposits at that rate as a last resort. Rates usually fall at the end of the two-week period and the lack of treasury bill auctions at the central bank on Monday also brought rates down, the bankers said. It s a liquid market and I think there are very few deals in the market, one dealer said. Five out of 10 banks contacted by Reuters reported deals on overnight money, at rates between 8 and 8.3 percent, compared with a range of 8.15 to 8.25 percent on Sunday. As on Sunday, none of the banks said they had made one-week deals. At 11:00 GMT, the pound was steady at LE 5.7379 to the dollar, compared to Sunday s general weighted average of LE 5.7380. Reuters

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