CAIRO: The median overnight interbank rate on the Egyptian pound was steady at 8.755 percent on Monday compared with 8.757 percent on Sunday in the absence of auctions for certificates for deposit, dealers said.
We expect the market to stay liquid this week because we don t see any Central Bank deposits to absorb the liquidity, one dealer said.
Dealers said the market was also quiet because Monday marks the final day of the central bank s two-week period for calculating reserves, which traditionally prompts bankers to square their accounts.
Interbank rates have been hovering just above 8.75 percent for the past month in the absence of auctions for the high-yielding certificates of deposit.
The Central Bank keeps its key interest rates within a corridor of 8.75 percent for borrowing and 10.75 percent for lending.
Five out of 10 banks contacted by Reuters reported overnight deals between 8.752 and 8.76 percent, compared with 8.755 and 8.76 percent on Sunday.
One bank reported dealing in one-week money at 8.77 percent and another bank reported a three-day deal at 8.76 percent.
By 1 pm, the Egyptian pound was almost steady at LE 5.6957 to the dollar.
