Banks Asked To Deposit EGP 6 Bln Into CBE On Tuesday

The Central Bank of Egypt (CBE) has asked for US$ 6 billion worth of seven-day deposits at a fixed interest rate of 10.25% on Tuesday at its eighth deposit auction.

At last week’s deposit auction, local banks has offered to deposit EGP 15 billion into the central bank, but it only accepted EGP 10 billion, CBE revealed in a statement.

The total value of deposits accepted by the central bank at deposit operations reached EGP 115 million. CBE had re-introduced deposit operations in April 2nd, 2013 to absorb excess liquidity. The details and results of the auction are announced on the website of the central bank.