Egypt’s c.bank withdraws EGP369.15b in open market operation

The Central Bank of Egypt (CBE) withdrew 369.15 billion Egyptian pounds from the market on Tuesday through an open market operation (OMO) auction, a measure aimed at managing liquidity and influencing interest rates within the banking system.

The auction accepted bids from 27 banks at an interest rate of 27.75 percent, reflecting recent changes in the central bank’s bid acceptance policies.

In a bid to enhance its monetary policy framework, the CBE revised its OMO mechanism earlier this year. Since April 23, the bank has adopted a full allotment system, enabling all eligible banks to participate in weekly auctions. This replaces the previous allocation-based approach, offering greater flexibility and efficiency in liquidity management.

Attribution: Amwal Al Ghad English