Egypt c.bank withdraws EGP 1.133t via open market operation auction

By Yomna Yasser On Oct 29, 2024

Egypt Central Bank of Egypt's — The Central Bank of Egypt's (CBE) headquarters in the new administrative capital (CBE Photo)

The Central Bank of Egypt (CBE) conducted an open market operation on Tuesday, withdrawing a substantial 1.133 trillion Egyptian pounds from the market. This move aimed to influence interest rates and manage excess liquidity within the banking system.

The CBE accepted bids from 24 banks at an interest rate of 27.75 percent. To enhance its monetary policy toolkit, the central bank has recently transitioned to a full allotment system for its open market operations. This new system allows all eligible banks to participate in weekly auctions, replacing the previous allocation-based approach.

By implementing these measures, the CBE seeks to effectively manage liquidity and maintain interest rate stability in the interbank market.

Attribution: CBE data

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