CAIRO: The median overnight interbank rate on the pound rose to 8.45 percent on Tuesday from Monday s 8.365 percent with pound demand stronger at the start of a new central bank reserve ratio period, bankers said.
Four of seven banks contacted by Reuters had dealt overnight at rates of between 8.3 to 8.65 percent. Overnight rates were between 8.3 and 8.35 percent on Monday.
The central bank effectively controls overnight rates by offering 8.25 percent on overnight deposits and lending overnight at 10.25 percent.
Three of the banks had dealt one-week money at rates of between 8.4 to 8.66 percent. One banks contacted on Monday had dealt one-week 8.625 percent.
At 11:00 GMT on the foreign exchange market, the pound was 5.7325 against the dollar, virtually unchanged from Monday s closing weighted average of 5.7323. Reuters