CBE Requests EGP50 bln at 38th Auction of 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 38th 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 112.870 billion offered from banks.

The value of domestic liquidity obtained by CBE from banks since early April totaled EGP 1.475 trillion through 37 auctions.

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