CBE Eyes EGP65 billion from Banks at 29th Deposit Operations Auction

By Yomna Yasser On Feb 18, 2014

Egypt’s Central Bank (CBE) is requesting on Tuesday around 66 billion Egyptian pounds of domestic surplus liquidity from local banks in the 29^th auction for Deposit Operations with 8.75% interest and 7-day maturity.

CBE had already accepted around EGP 60 billion from banks in an auction for deposit operations last week.

The value of domestic liquidity obtained by CBE from banks since early April totaled EGP 980 billion.

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