CAIRO: The median overnight interbank rate on the pound fell to 8.15 percent on Thursday from Wednesday s 8.404 percent because the central bank accepted fewer bids than expected in an auction, traders said. The central bank offered 56-day certificates worth LE 9.1 billion ($1.1 billion) on Wednesday, but accepted only LE 6.6 billion. The market is liquid today because yesterday the central bank accepted far fewer bids than expected, one trader said. Four out of nine banks contacted by Reuters had dealt overnight, at rates between 8.1 and 8.25 percent, compared to a range of 8.3 to 8.5 percent on Wednesday. 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. One Wednesday one bank had dealt one-week money at 8.45 percent. The pound had weakened slightly against the dollar by 1100 GMT to LE 5.7644 to the dollar from Wednesday s general weighted average of LE 5.7627. Reuters
Median overnight interbank rate falls to 8.15 percent
