CAIRO: The median overnight rate on the pound was 8.25 percent on Tuesday, little changed from Monday s 8.288 percent, bankers said. They were awaiting the result of a central bank auction on Tuesday of 14-day certificates of deposit worth LE 7.6 billion ($1.3 billion). The central bank sets a corridor for overnight interbank rates by offering to borrow funds from banks at 8 percent and lend to them at 10 percent. Three of eight banks contacted by Reuters had dealt overnight at rates of 8.2 to 8.3 percent. Banks contacted on Monday had dealt at 8.25 to 8.3 percent. Three of the banks had dealt one-week money at 8.3 to 8.6 percent. One-week rates at banks contacted on Monday were between 8.5 and 8.6 percent. The pound had weakened fractionally by 11:00 GMT to LE 5.7505 from Monday s closing weighted average of LE 5.7502. Reuters
Median overnight interbank rate steady at 8.25 percent
