Egypt C. Bank Accepts EGP 13 bln Deposit Operations

The Central Bank of Egypt (CBE) has accepted today EGP 13 billion in the 12th 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 and 53% has been accepted.

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 155 billion over 11auctions.

CBE has reduced the price of the required liquidity interest with 1% to reach 9.25% instead of 10.25%. The details and results of the auction are announced on the website of the central bank.