CAIRO: The median overnight interbank rate on the pound rose slightly to 8.3 percent on Tuesday from Sunday s 8.247 percent with banks seeking to place funds in a central bank auction. Bankers said they expected rates to be better for the seven-day certificates of deposits offered by the central bank than on the interbank market. The central bank was offering deposits worth LE 7 billion ($1.2 billion). Banks prefer the central bank auction to the interbank, one banker said. Four of seven banks contacted by Reuters had dealt overnight at rates of 8.25 to 8.4 percent. Rates at banks contacted on Sunday were 8.2 or 8.25 percent. The central bank sets a corridor for overnight interbank rates by offering to borrow funds from banks at 8 percent and lend to them at 10 percent. None of the banks had dealt one-week money. The pound had weakened fractionally against the dollar by 10:00 GMT to LE 5.7552 from Sunday s general weighted average of LE 5.7538. Reuters
Median overnight interbank rate ticks up to 8.3 percent
