Egypt’s Central Bank Accepts EGP 12 Bln At Deposit Auction

By Administrator On May 15, 2013

The Central Bank of Egypt (CBE) has accepted EGP 12 billion worth of seven-day deposits at a fixed interest rate of 10.25% at an auction on Tuesday.

Sources said local banks offered to deposit EGP 19 billion in the central bank through auction portal system, but the central bank accepted EGP 12 billion only, bringing the value of deposits received by CBE since re-introducing the deposit operations to EGP 95 billion.

CBE had re-introduced deposit operations in April 2nd, 2013 to absorb excess liquidity amid the low investment levels in the banking sector which are averaged at 47%. The details and results of the auction are announced on the website of the central bank.