CBE Requests EGP60 billion from Bank in Deposit Operations Auction

Egypt’s Central Bank (CBE) is requesting on Tuesday 60 billion Egyptian pounds of domestic surplus liquidity from local banks in the 31st auction for Deposit Operations with 8.75% interest and 7-day maturity.

CBE had accepted last week around EGP 65 billion from banks in an auction for deposit operations last week, out of around EGP 104.3 billion offered from banks.

The value of domestic liquidity obtained by CBE from banks since early April surged to EGP 1.110 trillion through 30 auctions.

The central bank aims through this system to absorb excess liquidity in the local market.