Egypt pound interbank rate edges up to 9.5 percent

1 Min Read

CAIRO: The median overnight interbank rate on the Egyptian pound rose slightly to 9.5 percent on Thursday from 9.480 percent on Wednesday despite the absence of central bank auctions, traders said.

Banks usually revert to the interbank market in the absence of large central bank auctions for higher-yielding certificates of deposit, pushing rates lower.

The market is liquid today but the (rates) are high, said one trader, who reported dealing overnight money at 9.6 percent.

Four out of 12 banks contacted by Reuters reported overnight deals at rates between 9.5 and 9.6 percent, compared to rates between 9.4 and 9.55 percent on Wednesday.

One bank reported dealing one-week money at 9.75 percent, compared to two banks dealing at 9.6 and 9.725 on Wednesday. One bank said it had dealt 5-day money at 9.45 percent.

By 1 p.m local time (1100 GMT), the pound had strengthened slightly to LE 5.7002 to the U.S. dollar from Wednesday s closed weighted average of LE 5.7009.

Share This Article
By Reuters
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on, video, mobile, and interactive television platforms.
Leave a comment