C.Bank Obtains EGP45bn in 65th Auction of Deposit Operation on Tuesday

By Salma Ayman On Oct 28, 2014

Egypt’s Central Bank (CBE) requested on Tuesday 45 billion Egyptian pounds of domestic surplus liquidity from local banks in the 65th auction for Deposit Operations with 9.75% interest and 7-day maturity.

The value of domestic liquidity obtained by CBE from banks since early April totaled EGP 2.715 trillion through 65 auctions.

The Central bank aims using the local liquidity surplus of the banks which did not grant loans for investors as result of the crises experienced by the country.

The central bank is expected to keep key interest rates unchanged on Wednesday.
In its meeting held on May 29, 2014, CBE’s Monetary Policy Committee (MPC) had decided to keep the overnight deposit rate, overnight lending rate and the rate of the CBE’s main operation unchanged at 9.75%, 9.25% and 10.25% respectively.