CAIRO: The median overnight interbank rate on the Egyptian pound fell to 8.45 percent on Thursday from 8.538 percent on Wednesday, toward the end of a central bank reserve period to measure banks reserves, traders said. The two-week period ends on Monday and a new one begins the following day. Banks try to meet their requirements for the reserve rate in the week before it ends … Normally by Thursday or Sunday they don t need anymore funds, said one of the traders. Six of the nine banks contacted by Reuters dealt overnight money at rates 8.40 and 8.60 percent, compared to rates of between 8.45 and 8.65 percent on Wednesday. The central bank effectively sets limits for overnight rates by offering 8.25 percent on overnight deposits and lending overnight at 10.25 percent. The bank reviews the limits at a meeting of the monetary committee held every six weeks. The next meeting will be held Thursday. Traders said they did not expect the bank to change the limits. None of the banks dealt one-week money. On Wednesday, two of banks dealt one-week money at 8.7 percent. The pound remained unchanged against the dollar by 12:00 GMT at LE 5.7471. Reuters
Median o/n interbank falls to 8.45 percent
