The median overnight interbank rate on the Egyptian pound fell on Sunday to 7-1/2 percent from 8-3/4 percent on Thursday towards the end of a central bank period for calculating banks' reserves, dealers said.
The dealers said banks had squared their positions last week and were no longer in need of Egyptian pounds before the end of the two-week period on Monday. A new period begins on Tuesday.
Four out of 10 banks contacted by Reuters said they had traded overnight money at rates between six and nine percent, compared to rates of between eight and 10 percent on Thursday.
Three banks dealt one-week money at rates of between 8-1/2 and 10 percent on Sunday, versus one bank that dealt at 11 percent in the previous session.
The overnight CAIBOR rate fell to 10.2024 percent from 10.2976 percent on Thursday. The one-week CAIBOR slipped to 10.7262 percent from 10.7619 percent in the previous session.
On the official foreign exchange market, the pound last traded at a midrate of 6.19 against the dollar in banks and exchange bureau, slightly weaker than Thursday's weighted average of 6.20 pounds.
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