Egypt pound o/n interbank rate steady at 8.77 pct

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CAIRO, April 18 (Reuters) – The median overnight interbank rate on Egypt s pound was steady at 8.77 percent on Wednesday compared to Tuesday s 8.773 percent in the absence of central bank auctions for certificates of deposit, traders said. Banks tend to revert to the interbank market in the absence of auctions for the higher-yielding central bank certificates of deposit, causing rates to fall. Rates are currently hovering near the lower end of an overnight interest rate corridor set by the central bank at 8.75 percent for deposits and 10.75 percent for lending to banks. Three out of nine banks contacted by Reuters reported dealing at rates between 8.77 and 8.8, compared with rates of 8.76 and 8.8 percent on Tuesday. As on Tuesday, no banks reported one-week deals. By 1100 GMT, the pound had strengthened to 5.6852 pounds to the dollar from Tuesday s closed weighted average of 5.6884 pounds.

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