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

The Central Bank of Egypt (CBE) offers on Tuesday a fixed-rate deposits of 21.75 per cent for seven days’ worth 150 billion Egyptian pounds, according to a statement on its website .

In its recent meeting, CBE’s 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.

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