C. Bank Gets EGP55 bln in 26th Auction of Deposit Operation Today

The Central Bank of Egypt (CBE) has obtained on Tuesday around EGP55 billion domestic surplus liquidity from the banks which are operating in the banking sector in 7-days 26th auction deposit operations with 8.75% interest.

The banks reviewed in the auction of today around EGP94 billion, CBE accepted about EGP55 billion with 58% allocation.

After the auction , the total value obtained by the Central bank in 26th auction of deposit operation up EGP855.4 billion.

CBE started using deposit operations since last April 2013in order to help banks for cutting non-user domestic surplus liquidity.

CBE has reduced the interest price by1% on the required liquidity to become 8.25%, 9.25% and 8.75% respectively after the decision of the monetary policy committee (MPC) to cut the interest rate on the deposit and lending for one night by 50 percentage points.