Egypt’s C.Bank Gets EGP90bn on 83th Auction of Deposit Operation Today

By Amwal Al Ghad English On Mar 3, 2015

Egypt’s Central Bank (CBE) received on Tuesday EGP 90 billion of domestic surplus liquidity from local banks during the 83st auction for Deposit Operations with 9.25% 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 3.995 trillion through 83 auctions.

CBE has approved to use local liquidity surplus of banks which were not used in granting loans to investors as a result of the crises experienced by the country that contributed to lower lending rates in light of the increasing growth of deposits.

CBE’s Monetary Policy Committee (MPC) had decided to keep the overnight deposit rate, overnight lending rate and the rate of the CBE’s main operation unchanged at 9.75% and 8.75%.