CAIRO: The median overnight interbank rate on the Egyptian pound inched down to 9.15 percent on Sunday from 9.155 percent on Thursday in the middle of a period for calculating banks’ reserves.
“There isn’t anything new in the market today and trade is quiet, one trader said.
“No one really needs funds right now …we are pretty much in the middle of the reserve period, another trader added.
The two-week central bank period will end on January 2 and a new one will begin the following day.
Three out of nine banks contacted by Reuters had dealt overnight money at rates between 9.1 and 9.3125 percent. Rates were between 9.1 and 9.375 percent on Thursday.
The central bank effectively prevents interbank rates falling below 8.75 percent by accepting overnight deposits at that level. The bank lends overnight money at 10.75 percent.
One of the banks dealt oneweek money at 9.375 percent. Two banks dealt one-week money on Thursday at 9.25 percent. Reuters
