CBE Requests EGP45 bln from Banks in 17th Auction of Deposit Operations

The Central Bank of Egypt (CBE) has demanded around EGP45 billion domestic surplus liquidity from the banks which are operating in the banking sector in 7-days 17th auction deposit operations with 9.25% interest.

CBE accepted around EGP40 billion) from the banks in the 17th auction for deposit operations in the last Tuesday from the total domestic surplus liquidity provided by the banks.

The value of domestic liquidity which obtained by CBE from the banks operate in the banking sector attained EGP297 billion through the 16th auction.

CBE has reduced the interest price by1% on the required liquidity to become9.25% instead of 10.25% , after the decision of the Monetary policy committee(MPC) to cut the interest rate on the deposit and lending for one night by 50 percentage points.

The total domestic liquidity of the banking sector reached around EGP1.32 trillion at the end of July 2013, against EGP1.29 trillion at the end of June 2013, move up by 1.5% EGP 20.04billion, according to the latest reports of the CBE.