Egypt Cbank Accepts Repos Worth 7 Bln Eg Pounds

Egypt’s central bank accepted 7 billion Egyptian pounds ($1.15 billion), the same amount it had offered, in seven-day repurchase agreements in the money market on Tuesday.

The repos carry a fixed interest rate of 9.75 percent.

The central bank introduced weekly repo offerings in March 2011 to manage short-term interest rates during political and economic unrest in the wake of the toppling of President Hosni Mubarak. ($1 = 6.0935 Egyptian pounds).

Reuters