Egypt c.bank withdraws EGP1.058t in open market operations

The Central Bank of Egypt (CBE) on Tuesday withdrew 1.058 trillion Egyptian pounds through an open market operation, aiming to influence interest rates and manage excess funds.

The CBE accepted bids from 31 banks at an interest rate of 27.750 per cent. This follows a recent change in bid acceptance policies.

To boost its monetary policy tools, the CBE has overhauled its open market operations. Since April 23, the Egyptian central bank uses a full allotment system, allowing all eligible banks to participate in weekly auctions, rather than a previous allocation-based approach.

These measures are part of the CBE’s ongoing efforts to better manage liquidity and maintain interest rate stability in the interbank market.

Attribution: CBE data