CBE Accepts EGP12 bln Deposit Operations from Banks

The Central Bank of Egypt (CBE) has accepted today EGP 12 billion in the 13th auction seven-day deposit operations at an interest rate of 9.25%.

An official source in the bank said that banks have offered EGP 25 billion on the CBE.

This comes after CBE had re-introduced deposit operations in the last April to absorb excess liquidity of the local banks, as CBE has received from the banks EGP 170 billion over 12auctions.

CBE has reduced the price of the required liquidity interest with 1% to reach 9.25% instead of 10.25%.  after the decision of the monetary policy to reduce the interest rate on the deposit and lend for one night by 50%.