CAIRO: The median overnight interbank rate on the pound was 8.27 percent on Wednesday, down from Tuesday s 8.283 percent although demand for funds to invest at a central bank auction remained strong, traders said. The central bank auctioned 56-day certificates worth LE 11 billion ($1.9 billion). We ve actually started to see some demand because of the auction today, one trader said. Four of nine banks contacted by Reuters had dealt overnight at rates between 8.1 and 8.3 percent, compared to a range of 8.3 to 8.5 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 dealt one-week money at 8.45 percent. On Tuesday, none of the banks had dealt one-week money. The pound was weaker, at LE 5.7675 to the dollar, by 10:00 GMT from Tuesday s closing weighted average of LE 5.7681. Reuters
Interbank rate falls to 8.27 percent
