CBE Requests EGP40 bln from Banks at 44th Deposit Operation Bid

Egypt’s Central Bank (CBE) is requesting on Tuesday around 40 billion Egyptian pounds of domestic surplus liquidity from local banks in the 44th auction for Deposit Operations with 8.75% interest and 7-day maturity.

CBE had already accepted around EGP 40 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 1.725 trillion through 44 auctions.

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