CAIRO: The median overnight interbank rate on the Egyptian pound was steady at 8.76 percent on Tuesday compared with 8.763 percent on Monday in the absence of central bank certificates of deposit auctions, dealers said.
Liquidity in the market is quite high and that has been the situation for some time, one dealer said.
Overnight rates have been hovering just above 8.75 percent for the past three weeks. The central bank has set 8.75 percent as the lower limit of its overnight corridor by guaranteeing to take overnight deposits at that rate.
Five out of nine banks reported overnight rates at between 8.75 and 8.77 percent. One bank reported dealing in one-week and two-week money at 8.8 percent.
By 1000 GMT, the Egyptian pound had strengthened to LE 5.6971 to the dollar from Monday s closing weighted average of LE 5.6979.
