Egypt’s c. bank offers fixed-rate deposits of EGP 150 bln

By Nada Ali On Feb 20, 2024

Egypt's central bank's new headquarters in the New Administrative Capital

The Central Bank of Egypt (CBE) offered on Tuesday a fixed-rate deposits for a period of seven days, worth 150 Egyptian pounds, Federation of Egyptian Banks (FEB) reported.

The bank stated on its website that the deposits have a fixed return rate of 21.75 per cent, with a maturity date on 27-02-2024.

The Egyptian central bank uses the open market deposit system to absorb surplus liquidity from banks by accepting fixed-rate deposits.

In its recent meeting, the Monetary Policy Committee (MPC) decided to raise the deposit and lending rates for overnight and the main operation rate by 200 basis points to reach 21.25 per cent, 22.25 per cent, and 21.75 per cent, respectively.

CBE Central Bank of Egypt (CBE)deposits Egypt's central bank Egyptian Central Bank Egyptian Pound Federation of Egyptian Banks Federation of Egyptian Banks (FEB)