CBE Requests EGP60 bln in 28th Auction of Deposit Operation

Egypt’s Central Bank (CBE) has requested around 60 billion Egyptian pounds of domestic surplus liquidity from local banks in the 28th auction for Deposit Operations with 8.75% interest and 7-day maturity.

 CBE obtained about EGP 60 billion from banks in the 27th auction for deposit operations, and it received EGP55 million in 26th auction.

The value of domestic liquidity obtained by CBE from totaled EGP915 billion in 27th auction The value of domestic liquidity received by CBE from banks since early April 2013 in order to help the banks for employing the useless domestic surplus liquidity in the light of the continuing raising for the banks’ deposits.

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.