CAIRO: The median overnight interbank rate on the pound rose to 8.275 percent on Tuesday from 8.074 percent on Monday at the start of a new two-week period for calculating bank reserves. Bankers said most banks were more interested in auctions at the central bank, which is offering 7-day certificates worth LE 10 billion ($1.74 billion) on Tuesday and 56-day certificates worth LE 11 billion on Wednesday. We didn t make any deals because we re waiting for the auctions to see where rates are going, one banker said. Two out of nine banks contacted by Reuters had dealt overnight, at rates between 8.2 and 8.35 percent, compared to 8.05 and 8.1 percent on Monday. The central bank sets a corridor for overnight interbank rates by offering to borrow funds from banks at 8 percent and to lend to them at 10 percent. Two banks had dealt one-week money, at rates between 8.3 and 8.5 percent. No banks reported one-week deals on Monday. The pound weakened slightly against the dollar by 10:00 GMT to LE 5.7606 to the dollar from Monday s general weighted average of LE 5.7591. Reuters
Median overnight interbank rate rises to 8.275 percent
