C.Bank Requests EGP40bln at 43th Auction Deposit Operation Bid

Big 5

Egypt’s Central Bank (CBE) requested 40 billion Egyptian pounds of domestic surplus liquidity from the banking sector in the 43th auction for Deposit Operations with 8.75% interest and 6-day maturity today.

During the last week, CBE obtained surplus domestic liquidity worth EGP40billion in the 42th auction from total value of EGP87.955billion.

The value of deposits obtained by CBE from banks surged to EGP 1.685 trillion through 43 auctions since April 2013.

The central bank aims through this system to absorb excess liquidity in the local market.

In its meeting held Monday, April 28, 2014, the Monetary Policy Committee (MPC) of the Central Bank of Egypt decided to keep the overnight deposit rate, overnight lending rate, and the rate of the CBE’s main operation unchanged at 8.25 percent, 9.25 percent, and 8.75 percent, respectively. The discount rate was also kept unchanged at 8.75 percent.