CBE Requests EGP60 bln in 25th Auction of Deposit Operation

The Central Bank of Egypt (CBE) has requested around EGP60 billion domestic surplus liquidity from the banks which are operating in the banking sector in 7-days 25th auction deposit operations with 8.75% interest.

CBE has previously accepted around (EGP55 billion) from the banks for deposit operations for the 24th auction in the last Tuesday from the total domestic surplus liquidity provided by the banks and reached EGP93.4 billion, so the total value which obtained by CBE from banks became EGP740.4 billion in the last April.

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.