Egypt’s C.Bank Gets EGP65bn on 71st Auction of Deposit Operation Today

Egypt’s Central Bank (CBE) received on Tuesday EGP 65 billion of domestic surplus liquidity from local banks during the 71st auction for Deposit Operations with 9.75% interest rate and 7-day maturity.

Accordingly, the value of domestic liquidity obtained by CBE from banks since early April 2013 has boosted to EGP 3.050 trillion through 71 auctions.

During last week’s auction, 28 banks operating in the local market offered a domestic surplus liquidity totalling EGP 139.07 billion, of which the central bank approved EGP 60 billion for deposit operations with 43.1% appropriation rate.

The central bank aims through this system to absorb excess liquidity in the local market.