Egypt’s Central Bank(CBE)accepted today 45 billion Egyptian pounds of domestic surplus liquidity from local banks in the 39th auction for Deposit Operations with 8.75% interest and 7-day maturity.
Around EGP 99.465 billion worth of total deposits have been offered by banks to the CBE on Tuesday.
The value of domestic liquidity obtained by CBE from banks since early April totaled EGP 1.525 trillion through 37 auctions.
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.