Local Banks Deposit EGP 14 Bln In CBE Through Deposit Operations
The Central Bank of Egypt (CBE) announced it received bids worth EGP 15.07 billion from banks through the deposit operations which was re-introduced in April 2nd, 2013 to absorb excess liquidity.
CBE accepted bids worth EGP 14 billion, 92.8% of the total value of submitted bids. Deposits have 7 days maturity with a fixed annual interest rate of 10.25%.
CBE also said that repo operations would be “suspended unless conditions warrant otherwise”.
The Egyptian banking sector has a large volume of liquidity and low loan-to-deposit ratios which range from 45% to 50%, according to CBE’s most recent data.
