CBE Requests from Banks EGP55 bln in 23rd Auction of Deposit Operation

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 23rd 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 value of domestic liquidity obtained by CBE from the banks of banking sector reached EGP592 billion through the 22nd auction.

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

The monetary policy committee (MPC)  of CBE decided in the last meeting to reduce the interest price by1% on the required liquidity to become 8.25%, 9.25% and 8.75% respectively after the decision of the to cut the interest rate on the deposit and lending for one night by 50 percentage points.