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CAIRO: The median overnight interbank rate on the pound was 8.35 percent on Tuesday, up from Monday s 8.049 percent after central bank auctions drew liquidity from the market, traders said. The central bank auctioned 7-day certificates worth LE 7.4 billion ($1.28 billion) and 63-day certificates worth LE 2 billion. There are two auctions today and another one tomorrow, so liquidity is less, one trader said. Four of nine banks contacted by Reuters had dealt overnight at rates between 8.3 and 8.5 percent, compared to a range of 8.03 to 8.1 percent on Monday. 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. On Monday one bank had dealt one-week money at 8.42 percent. The pound was little changed at LE 5.7679 against the dollar by 10:00 GMT from Monday s closing weighted average of LE 5.7678. Reuters
