CAIRO: The median overnight interbank rate on the Egyptian pound was 8.6 percent on Monday, little changed from Sunday s 8.583 percent as bankers awaited the result of a 182-day T-bill auction. It s the same levels as yesterday, one banker said of overnight rates. The central bank was auctioning treasury bills worth LE 1.5 billion ($261.8 million) for issue on Tuesday, when bills worth the same amount will mature. Six of seven banks had dealt overnight at rates of between 8.5 and 8.8 percent. Overnight rates at banks contacted on Sunday were 8.5 to 8.7 percent. The central bank effectively controls overnight rates by offering 8.25 percent on overnight deposits and lending at 10.25 percent. None of the banks had dealt one-week money. One-week rates at banks contacted on Sunday were 8.7 and 8.8 percent. The pound had weakened fractionally by 11:00 GMT to LE 5.7344 against the dollar from Sunday s closing weighted average of LE 5.7341. Reuters
Median o/n interbank steady at 8.6 percent
