CAIRO: The median overnight interbank rate on the Egyptian pound fell to 8.5 percent at a start on Tuesday of a new two-week period for calculating reserves, from 8.842 percent on Monday. Bankers said most dealers had their eyes on an auction of 7-day central bank notes worth LE 4 billion ($670 million), to see where the rates go and how much the bank takes. T-bills worth LE 4 billion were maturing on Tuesday. The market s stable. It s the start of the period and everyone s waiting for the auction results, said one banker. Five out of eight banks contacted by Reuters had dealt overnight at rates between 8.35 and 8.6 percent, compared to a range of between 8.5 and 8.8 percent on Monday. The central bank effectively controls overnight rates by offering 8.25 percent on overnight deposits and lending at 10.25 percent. One bank had dealt one-week money at 8.65 percent. On Monday a bank reported a deal at 8.5 percent. By 11:00 GMT, the pound was slightly stronger at LE 5.7338 to the dollar, compared to Monday s closing weighted average of LE 5.7344. Reuters
Egypt median o/n interbank rate falls to 8.5 percent
