Egypt’s CBE auctions EGP 240.1b corridor-linked deposits

The Central Bank of Egypt (CBE) is offering corridor-linked deposits for a duration of 35 days, amounting to 240.1 billion Egyptian pounds ($5.1 billion), the bank announced through its website on Wednesday.

The total amount to be returned is 300 billion pounds, and the deposit maturity date is set for 08-5-2024, as per the central bank statement.

This move is part of the linked-deposits system that CBE regularly provides to control the money supply in the market. It is one of the tools used in the open market to effectively manage liquidity levels and absorb excess funds to control inflation rates.

(1 United States dollar = 47.41 Egyptian pounds)