CAIRO: The median overnight interbank rate on the pound dipped to 8.075 percent on Sunday from 8.177 percent on Thursday on continuing liquidity from the cancellation of a T-bill auction, bankers said. The market has been pretty liquid since they cancelled the one-year auction on Thursday, one banker said. The Finance Ministry had offered 364-day T-bills worth LE 1.5 billion ($260 million) for auction. The Central Bank of Egypt, which auctions the bills on behalf of the Finance Ministry, did not say why the auction had been cancelled. Three out of 10 banks contacted by Reuters had dealt overnight at rates of 8.05 or 8.1 percent, compared to rates between 8.1 and 8.25 percent on Thursday. The central bank sets a corridor for overnight interbank rates by offering to borrow funds from banks at 8 percent and lend to them at 10 percent. As on Thursday, no bank said it had dealt one-week money. By 11:00 GMT, the pound had strengthened a fraction to LE 5.7670 to the dollar, against a closing general weighted average of LE 5.7675 on Thursday. Reuters
Interbank rate falls to 8.075 percent
