Egypt’s c. bank issues EGP 240b corridor-linked deposits

The Central Bank of Egypt (CBE) is offering corridor-linked deposits for a duration of 35 days, amounting to 240 billion Egyptian pounds, Federation of Egyptian Banks (FEB) reported on Wednesday.

The total amount to be returned is 200 billion pounds, and the deposit maturity date is set for 3-4-2024, as per the bank’s statement.

This move is part of the linked deposits system that CBE regularly provides to control the money supply in the market. It is one of the tools used in the open market to effectively manage liquidity levels and absorb excess funds to maintain inflation rates.

(1 United States dollar = 30.94 Egyptian pounds)

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