CBE Accepts EGP35bln from Banks in 62th Auction of Deposit Operation

Big 5

Egypt’s Central Bank (CBE) requested on Wednesday 35 billion Egyptian pounds of domestic surplus liquidity from local banks in the 62th auction for Deposit Operations with 9.75% interest and 6-day maturity.

The value of domestic liquidity obtained by CBE from banks since early April totaled EGP 2.590 trillion through 62 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.