The median overnight interbank rate on the Egyptian pound stayed at 10-1/2 percent on Sunday as demand for funds remained high near the end of a central bank period for calculating banks' reserves, dealers said.
The dealers said banks were still looking for funds before the end of the two-week period on Monday because auctions last week had left them short of pounds.
The finance ministry accepted Monday last week bids for 91-day treasury bills worth about 2.95 billion Egyptian pounds ($475 million).
The ministry also accepted one billion pounds worth of 28-day deposits last Wednesday.
Seven out of eight banks contacted by Reuters said they had dealt in overnight money at rates ranging between 9-1/2 and 11-1/2 percent, compared to a range of nine to 11 percent on Thursday.
Two banks traded one-week money at rates of between 10-1/2 and 11-1/2 percent, versus 9-1/4 to 11 percent in the previous session.
The overnight CAIBOR rate rose to 9.0451 percent from 8.7570 percent on Thursday. The one-week CAIBOR rose to 9.3691 percent from 9.1786 percent.
On the official foreign exchange market, the midrate for the pound was last quoted at 6.21 to the dollar in banks and 6.19 in exchange houses, around Thursday's weighted average of 6.21 pounds.
Comments
Comments are closed.