Egypt’s Central Bank Accepts EGP 13 Bln At 5th Deposit Auction

The Central Bank of Egypt (CBE) has accepted EGP 13 billion worth of seven-day deposits at a fixed interest rate of 10.25% on Tuesday at the fifth deposit auction.

CBE announced in a statement today that it received EGP 18 billion worth of deposits from banks last week out of EGP 24.5 billion, the total value of deposits offered by banks.

CBE had re-introduced deposit operations in April 2nd, 2013 to absorb excess liquidity through auction portal system. The details and results of the auction are announced on the website of the central bank.