28 Local Banks offer EGP154bn for CBE’s 72nd Auction of Deposit Operation

28 banks operating in the Egyptian market offered Tuesday a domestic surplus liquidity totalling EGP 154.450 billion during the central bank’s 72nd auction for Deposit Operations.

Out of EGP 154.450 billion, the Egyptian Central Bank (CBE) approved EGP 60 billion for deposit operations with 9.75% interest rate and 7-day maturity.

Hence, the value of domestic liquidity obtained by CBE from banks since early April 2013 surged to EGP 3.120 trillion through 72 auctions.

The central bank aims through this system to absorb excess liquidity in the local market.