Home MoneyBanks Egypt Cbank Accepts Repos Worth 10.8 Bln Eg Pounds

Egypt Cbank Accepts Repos Worth 10.8 Bln Eg Pounds

by Amwal Al Ghad English

Egypt’s central bank accepted 10.837 billion Egyptian pounds ($1.78 billion) in seven-day repurchase agreements in the money market on Tuesday, instead of the 13 billion the bank had offered.

The repos carry a fixed interest rate of 9.75 percent.

The central bank introduced weekly repo offerings in March 2011 to manage short-term interest rates during the political and economic unrest in the wake of President Hosni Mubarak’s ouster.

Reuters

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