Sigma Capital

22-10-2024

CBE withdraws liquidity worth EGP 791.400 billion through the open market auction

Source: MIST

Al Mal-


The Central Bank of Egypt (CBE) on Tuesday withdrew EGP 791.4 billion in liquidity in the open market auction. The CBE said in data published on its website that all requests submitted by 28 banks were accepted at an interest rate of 27.75%.

During the past week, the CBE withdrew EGP 1.240 trillion in liquidity in the open market auction from 24 banks.

The CBE had issued new instructions regarding the rules regulating the main operation for linking deposits (Main Operation) for open market operations that the bank was conducting by conducting a fixed-rate auction (Fixed-rate Tender) on a weekly basis, where the size of the operation that the CBE will conduct is announced, and the bids are accepted using the allocation method that is determined based on the percentage of the bid submitted by the bank to the total bids submitted, and the main operation price is applied to it.