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Egypt median o/n interbank rate creeps up to 8.4 percent - Daily News Egypt

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Egypt median o/n interbank rate creeps up to 8.4 percent

CAIRO: The median overnight interbank rate on Egypt s pound ticked up to 8.4 percent on Wednesday from 8.385 percent on Tuesday, traders said. The rates are slightly higher, but there isn t much of a change because there are no new developments in the market, one of the traders said. Four out of the …


CAIRO: The median overnight interbank rate on Egypt s pound ticked up to 8.4 percent on Wednesday from 8.385 percent on Tuesday, traders said.

The rates are slightly higher, but there isn t much of a change because there are no new developments in the market, one of the traders said.

Four out of the nine banks contacted by Reuters said they had traded overnight money at rates of between 8.35 and 8.45 percent, compared to rates on Tuesday of between 8.3 and 8.45 percent.

Three of the banks dealt one-week money at 8.4 and 8.5 percent. One-week rates on Tuesday ranged between 8.55 and 8.7 percent.

On the foreign exchange market, by 11:00 GMT the pound had weakened slightly against the dollar to LE 5.7319 from Tuesday s general weighted average of LE 5.7317. Reuters

Topics: FJP

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