CAIRO: The median overnight interbank rate on the Egyptian pound slipped to 8.075 percent on Monday from Sunday s 8.118 percent with demand for pounds low at the end of a period over which the central bank measures reserves.
Bankers said they had met the central bank reserve requirement, which is measured over a two-week period ending on Monday. A new two-week period begins on Tuesday.
The market is square, one banker said to explain low demand for pounds and lower overnight interbank rates.
Two of seven banks contacted by Reuters had dealt overnight at 8.05 and 8.1 percent. Overnight rates at banks contacted on Sunday were 8.1 to 8.25 percent.
The central bank sets a corridor for overnight interbank rates by offering to borrow funds from banks at 8 percent and to lend to them at 10 percent.
None of the banks had dealt one-week money, as on Sunday.
The pound weakened slightly against the dollar by 1000 GMT to 5.7588 from Sunday s general weighted average of 5.7582. Reuters
