CAIRO: The median overnight interbank rate on the pound rose to 8.350 percent on Wednesday from 8.275 percent on Tuesday but few banks traded because they were awaiting result of a central bank auction. The central bank was offering 56-day certificates worth LE 11 billion ($1.9 billion). The market is fairly liquid because everyone s waiting for the 56-day results, one banker said. Three out of nine banks contacted by Reuters had dealt overnight, at rates of between 8.3 and 8.5 percent compared to 8.2 and 8.35 percent on Tuesday. 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. One bank had dealt one-week money, at a rate of 8.45 percent. On Tuesday, two banks dealt one-week at rates of between 8.3 and 8.5 percent. The pound had weakened slightly against the dollar by 10:00 GMT to LE 5.7624 to the dollar from Tuesday s general weighted average of LE 5.7608.
Median overnight interbank rate rises to 8.350 percent
