CBE: 28 Local Banks Bid for 70th Auction of Deposit Operation Today

Egypt’s Central Bank (CBE) received on Tuesday EGP 60 billion of domestic surplus liquidity from local banks during the 70th auction for Deposit Operations with 9.75% interest rate and 7-day maturity.

During today’s auction, 28 banks operating in the local market offered a domestic surplus liquidity totalling EGP 139.07 billion, of which the central bank approved EGP 60 billion for deposit operations with 43.1% appropriation rate.

Hence, the value of domestic liquidity obtained by CBE from banks since early April 2013 surged to EGP 2.985 trillion through 70 auctions.

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