CBE Requests EGP55 bln in 22nd Auction of Deposit Operation from Banks

The Central Bank of Egypt (CBE) has requested around EGP55 billion domestic surplus liquidity from the banks which are operating in the banking sector in 7-days 22th auction deposit operations with 8.75% interest.

CBE has accepted around (EGP55 billion) from the banks for deposit operations in the last Tuesday from the total domestic surplus liquidity provided by the banks and reached EGP97 billion.

The value of domestic liquidity which obtained by CBE from the banks operate in the banking sector attained EGP537 billion through the 21th auction.

CBE started using deposit operations since last April 2013in order to help banks for cutting non-user domestic surplus liquidity.

CBE has reduced the interest price by1% on the required liquidity to become 8.25%, 9.25% and 8.75% respectively 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.