Egypt C.Bank Raises EGP18 Bln At Repo

On Tuesday, Egypt Central Bank (CBE) has offered 7-day maturity worth EGP 18 billion to the local banks at interest rates of 10.25% through its Fifth repurchase agreements (Repo) since the reactivation last June so as to provide liquidity.

CBE , via its official website, pointed out the banks had obtained cash liquidity worth EGP 14.9 billion out of EGP 15 billion was offered by CBE through REPO

This comes after 10-weeks suspension of the Repo operations, whereas, CBE had withdrawn deposits worth EGP 140 billion according to “Auction Portal System”. The Central bank had launched “Auction Portal System” April 2013.

Last March, Egypt’s Central Bank had declared that it shall reintroduce deposit operations to absorb excess liquidity starting April 2nd. CBE had announced also that the deposits shall have 7 days maturity with a fixed annual interest rate of 10.25%.