CAIRO: A cut in the central bank s overnight lending and deposit rates pulled the median overnight interbank rate on the Egyptian down to 8.1 percent on Sunday from Thursday s 8.456 percent, bankers said. The central bank s monetary policy committee last week cut the bank s overnight deposit and lending rates by 25 basis points each to 8 percent and 10 percent. Three of seven banks contacted by Reuters had dealt overnight at rates of 8.05 percent and 8.10 percent. Rates at banks contacted on Thursday were 8.40 to 8.60 percent. Few banks were dealing on Sunday because most had met reserve ratio requirements set by the central bank. Reserves are measured over a two-week period which was scheduled to end on Monday but cut short by one day because of a public holiday. Everybody is offering, one banker said. None of the banks had dealt one-week money. The pound had weakened fractionally against the dollar by 11:00 GMT to LE 5.7475 from Thursday s general weighted average of LE 5.7471.
Median overnight interbank falls after rate cut
