CBE Accepts EGP 15 bln Deposits On Tuesday

The Central Bank of Egypt (CBE) has accepted today EGP 15 billion from the local banks in the 11th auction seven-day deposit operations at an interest rate of 9.25%, after a hiatus of 16 weeks.

This comes after CBE had re-introduced deposit operations in the last April to absorb excess liquidity of the local banks, as CBE has received from the banks EGP 140 billion over 10 auctions.

CBE has reduced the price of the required liquidity interest with 1% to reach 9.25% instead of 10.25%. The details and results of the auction are announced on the website of the central bank.