Egypt c.bank withdraws EGP938.750b in open market operations
The Central Bank of Egypt (CBE) on Tuesday withdrew 938.750 billion Egyptian pounds through an open market operation, aiming to influence interest rates and manage excess funds.
The CBE accepted bids from 30 banks at an interest rate of 27.750 per cent. This follows a recent change in bid acceptance policies.
To enhance its monetary policy tools, the CBE has overhauled its open market operations. Since April 23, the 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 manage liquidity and maintain interest rate stability in the interbank market.
Attribution: CBE data
