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Egypt median o/n interbank rate steady at 8.5 percent - Daily News Egypt

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Egypt median o/n interbank rate steady at 8.5 percent

CAIRO: The median overnight interbank rate on the Egyptian pound was 8.5 percent on Wednesday, little changed from Tuesday s 8.534 percent, as bankers awaited the result of a central bank note auction. The central bank was auctioning LE 7 billion ($1.2 billion) of 42-day notes. We don t see a lot of action (in …


CAIRO: The median overnight interbank rate on the Egyptian pound was 8.5 percent on Wednesday, little changed from Tuesday s 8.534 percent, as bankers awaited the result of a central bank note auction. The central bank was auctioning LE 7 billion ($1.2 billion) of 42-day notes. We don t see a lot of action (in the interbank market) because of the auction, one banker said. Four out of seven banks contacted by Reuters had dealt overnight at rates of between 8.5 and 8.6 percent. Rates were between 8.35 and 8.6 percent on Tuesday. The central bank effectively controls overnight rates by offering 8.25 percent on overnight deposits and lending at 10.25 percent. One of the banks had dealt one-week money at 8.55 percent. One had dealt one-week money on Tuesday at 8.65 percent. The pound had strengthened fractionally by 11:00 GMT to LE 5.7341 to the dollar from Tuesday s closing weighted average of LE 5.7344. Reuters

Topics: FJP

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