CBE Requests EGP35 bln from Banks at 45th Deposit Operation Bid

Egypt’s Central Bank (CBE) requested today 35 billion Egyptian pounds of domestic surplus liquidity from local banks in the 45th auction for Deposit Operations with 8.75% interest and 7-day maturity.

In the last week, CBE obtained EGP40 billion surplus domestic liquidity in 44th bid , so the volume of deposits boosted to EGP1.725 trillion.

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.