The median interbank overnight rate on Egypt's pound was six percent on Sunday, unchanged from Thursday's level, as bankers awaited the result of a central bank deposit auction.
"Market conditions are almost the same as last week," one banker said.
The result of the 2.5-billion-pound ($404.5 million) central bank 28-day deposit auction was due later on Sunday. Bankers said if the central bank accepted bids for the whole amount, pound supplies would mostly be replenished by about two billion pounds due to mature on Sunday.
Four of 14 banks contacted by Reuters had dealt overnight money at rates ranging between five and 6-1/2 percent, similar to Thursday's five to 6-1/4 percent.
Seven banks had dealt for one week at rates between 5-1/2 and 6-3/4 percent compared to Thursday's six to 7-1/2 percent.
The overnight CAIBOR rate was 6.1607 percent, unchanged from Thursday. The one-week CAIBOR rate climbed to 6.6905 percent from Thursday's 6.6429.
On the foreign exchange market the pound last traded at a mid-rate of 6.17 in banks and 6.16 in foreign exchange bureaux, slightly stronger than Thursday's closing weighted average of 6.18.
Three market sources said the dollar would buy around seven pounds on the black market, unchanged from recent levels.
Comments
Comments are closed.