C.Bank Obtains EGP50 bln of Deposit Operation Auction Today

Big 5

Egypt’s Central Bank (CBE) is requesting on Tuesday around EGP50 billion of domestic surplus liquidity from local banks for Deposit Operation with 8.75% interest and 7-day maturity.

CBE had already accepted around EGP 45 billion from banks in an auction for deposit operations last week within the same mechanism which started on April2 2013 for absorbing excess liquidity within the banking system through linking it with CBE for 7-day maturity with 10.25% fixed annual return, Meanwhile the banks offered EGP 96.6 billion from banks.

According to the latest statements, CBE registered 41.5% average rate of employing loans to banking system’s deposits within January as the customers’ deposits for banks hit around EGP1.325 trillion in January 2014, against EGP548.8 billion during the same period.

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