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The Central Bank of Egypt (CBE) announced it received bids worth EGP 15.07 billion from banks through the deposit operations which was re-introduced in April 2nd, 2013 to absorb excess liquidity.
CBE accepted bids worth EGP 14 billion, 92.8% of the total value of submitted bids. Deposits have 7 days maturity with a fixed annual interest rate of 10.25%.
CBE also said that repo operations would be “suspended unless conditions warrant otherwise”.
The Egyptian banking sector has a large volume of liquidity and low loan-to-deposit ratios which range from 45% to 50%, according to CBE’s most recent data.
