CAIRO: The median overnight interbank rate on Egypt s pound rose to 8.7625 percent on Sunday from 8.754 percent on Thursday, with the market liquid in the absence of auctions of certificates of deposits, dealers said.
Many banks were offering money as they have a lot of liquidity available. I believe this will not change soon, one dealer said.
Rates have been hovering just above the 8.75 percent lower limit of a central bank overnight interest rate corridor for over two months, 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 Sunday at a range between 8.755 to 8.765 compared with a range of between 8.75 to 8.76 percent on Thursday.
No banks reported one-week deals, but two banks said they had dealt in two-day money at rates of 8.755 and 8.765 percent.
