CAIRO: The median overnight interbank rate on Egypt s pound rose slightly to 8.755 percent on Thursday from 8.754 percent on Wednesday, as many banks kept their accounts squared in a liquid market, dealers said.
The central bank auction of LE 3 billion ($530 million) worth of deposits on Thursday had no effect on market liquidity, one dealer told Reuters.
Just like the deposit auctions we had in the past two days, this one was too small to affect the market, he said.
Rates have been hovering just above the 8.75 percent lower limit of a central bank overnight interest rate corridor for over a month, and the government was not auctioning higher yielding certificates of deposit which tend to absorb market liquidity.
Four out of 10 banks contacted by Reuters reported overnight deals on Thursday at a range between 8.75 to 8.76 percent compared to a range of 8.751 to 8.755 percent on Wednesday.
Two banks reported dealing in one-week money at a rate of 8.76 compared to one bank dealing at 8.751 percent on Wednesday.
