CBE Requests EGP65 bln at 32nd Auction for Deposit Operation Today

Egypt’s Central Bank (CBE) is requesting on Tuesday 65 billion Egyptian pounds of domestic surplus liquidity from local banks in the 32nd auction for Deposit Operations with 8.75% interest and 7-day maturity.

CBE had accepted last week around EGP 60 billion from banks in an auction for deposit operations last week, out of around EGP 113.79 billion offered from banks.

The value of domestic liquidity obtained by CBE from banks since early April surged to EGP 1.170 trillion through 31 auctions.

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