CAIRO: The median overnight interbank rate on the pound fell to 8.10 percent on Monday from 8.118 on Sunday in a liquid market lacking major auctions to boost demand for funds, traders said. A decision by the central bank to accept fewer bids than expected in an auction last week had increased market liquidity, the traders added. The market looks liquid. The central bank accepted fewer bids than expected in the last auction, one trader said. Another trader said there were no central bank auctions affecting the market. Three out of eight banks contacted by Reuters traded overnight money on Monday at rates between 8 and 8.1875 percent, compared to a range of between 8.05 and 8.20 percent on Sunday. 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 of the banks had dealt one-week money at 8.05 percent. None of the banks had dealt one-week money on Sunday. The pound had weakened slightly against the dollar by 11:00 GMT to LE 5.7660 to the dollar from Sunday s general weighted average of LE 5.7649. Reuters
Interbank rate falls to 8.10 percent
