Egypt’s Central Bank Accepts EGP 10 Bln At 7th Deposit Auction

The Central Bank of Egypt (CBE) has accepted EGP 10 billion worth of seven-day deposits at a fixed interest rate of 10.25% on Tuesday at its seventh deposit auction.

At last week’s auction, local banks has offered to deposit EGP 19.625 billion into the central bank, but it only accepted EGP 12 billion, CBE revealed in a statement.

The total value of deposits accepted by the central bank at deposit operations reached EGP 105 million. CBE had re-introduced deposit operations in April 2nd, 2013 to absorb excess liquidity. The details and results of the auction are announced on the website of the central bank.