Egypt’s Central Bank (CBE) requested on Wednesday 50 billion Egyptian pounds of domestic surplus liquidity from local banks in the 50th auction for Deposit Operations with 8.75% interest and 6-day maturity.
Last week, CBE accepted around EGP 45 billion from banks in the 49th auction for deposit operations.
The value of domestic liquidity obtained by CBE from banks since early April totaled EGP 1.950 trillion through 50 auctions.
The central bank aims through this system to absorb excess liquidity in the local market.
The central bank is expected to keep key interest rates unchanged on Thursday.
In its meeting held on May 29, 2014, CBE’s Monetary Policy Committee (MPC) had decided to keep the overnight deposit rate, overnight lending rate and the rate of the CBE’s main operation unchanged at 8.25%, 9.25% and 8.75% respectively.
The discount rate was also kept unchanged at 8.75%, according to the central bank’s website.
