Egypt cbank accepts repos worth LE 22 bln

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CAIRO: Egypt’s central bank accepted LE 22 billion ($3.65 billion) in seven-day repurchase agreements in the money market on Tuesday, the same amount it had offered.

Banks had sought repo agreements worth LE 24.376 billion from the central bank.

The repos carry a fixed rate of 9.75 percent.

The central bank introduced its weekly repo offerings on March 20 to manage short-term interest rates after the political and economic unrest that ousted President Hosni Mubarak.



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