The median overnight interbank rate on Egypt's pound nudged up to seven percent on Sunday from 6-3/4 percent the previous session, encouraged by rising rates accepted at recent central bank deposit auctions, traders said.
They said rates at recent Central Bank of Egypt (CBE) auctions for 28-day deposits had risen one or two percent recently, encouraging bankers to seek higher rates in the interbank market, although only a few dealt on Sunday.
The central bank accepted deposits with an average rate of 8.594 percent at its last 28-day deposit auction on Wednesday.
Only four of the 11 banks contacted by Reuters had dealt overnight, citing a range of seven to 7-1/2 percent, compared with six to 7-1/2 percent on Thursday.
One-week rates ranged from 7-1/2 to 7-3/4 percent, compared to Thursday's seven to 7-3/4 percent.
The overnight CAIBOR eased to 7.5981 percent from Thursday's 7.6814 percent. One-week CAIBOR dipped to 7.9405 percent from 7.9762 percent on Thursday.
On the official foreign exchange market, the latest pound mid-rate to the dollar was 6.19 at banks and 6.18 at exchange houses, hovering around Thursday's weighted average of 6.19 pounds.
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