CAIRO: The median overnight interbank rate on the pound dipped to 8.05 percent on Sunday from Thursday s 8.067 percent with no new auctions to affect demand close to the end of a reserve period, traders said. The present period for calculating banks reserves ends on Monday and a new one begins the following day. Traders said most banks had already squared their positions. The interbank rate is very low because it s the last two days of the reserve period and there are no new auctions to affect demand, one trader said. Two out of eight banks contacted by Reuters had dealt overnight money at 8.05 percent, compared with a range between 8 and 8.1 percent on Thursday. None of the banks had dealt one-week money. One bank had dealt at 8.05 percent on Thursday. 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. The pound had strengthened slightly to LE 5.7685 against the dollar by 10:00 GMT from Thursday s closing weighted average of LE 5.7693. Reuters
Interbank rate falls to 8.05 percent
