CBE Requests EGP50 bln at 34th Auction for Deposit Operation

Egypt’s Central Bank (CBE) is requesting on Tuesday around 50 billion Egyptian pounds of domestic surplus liquidity from local banks in the 34th auction for Deposit Operations with 8.75% interest and 7-day maturity.

CBE had already accepted around EGP 50 billion from banks in an auction for deposit operations last week, out of EGP 90.040 billion offered from banks.

The value of domestic liquidity obtained by CBE from banks since early April totaled EGP 1.285 trillion through 33 auctions.

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