Through its sixth repurchase agreements (Repo), Egypt’s Central Bank (CBE) has offered the local banks on Tuesday cash liquidity worth EGP 10 billion for 8-day maturity at interest rates of 10.25%. This comes in the light of the reactivation of the Reop operations last June.
CBE , via its official website, has referred that the banks had obtained cash liquidity worth EGP 14.9 billion out of EGP 18 billion which were offered by the central bank through REPO.
This comes after 10-weeks suspension of the Repo operations, whereas, CBE had withdrawn deposits worth EGP 140 billion according to “Auction Portal System”. The Central bank had launched “Auction Portal System” April 2013.
Last March, Egypt’s Central Bank had declared that it shall reintroduce deposit operations to absorb excess liquidity starting April 2nd. CBE had announced also that the deposits shall have 7 days maturity with a fixed annual interest rate of 10.25%.
