CBE Requests EGP40 bln from Banks at 48th Deposit Operation Bid
Egypt’s Central Bank (CBE) is requesting on Wednesday around 40 billion Egyptian pounds of domestic surplus liquidity from local banks in the 48th auction for Deposit Operations with 8.75% interest and 6-day maturity.
Egyptian state-owned banks were halting their activities on Tuesday on the occasion of the new fiscal year.
CBE had already accepted last week around EGP 35 billion from banks in an auction for deposit operations.
The value of domestic liquidity obtained by CBE from banks since early April totaled EGP 1.870 trillion through 47 auctions.
The central bank aims through this system to absorb excess liquidity in the local market.
In its latest meeting, 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.
