Egypt Cbank Accepts Repos Worth 10.8 Bln Eg Pounds

Egypt’s central bank accepted 10.837 billion Egyptian pounds ($1.78 billion) in seven-day repurchase agreements in the money market on Tuesday, instead of the 13 billion the bank had offered.

The repos carry a fixed interest rate of 9.75 percent.

The central bank introduced weekly repo offerings in March 2011 to manage short-term interest rates during the political and economic unrest in the wake of President Hosni Mubarak’s ouster.

Reuters