The median overnight interbank rate on the Egyptian pound fell to 9-1/2 percent on Sunday from 11-1/2 percent on Thursday as demand fell towards the end of a two-week period for calculating banks' reserves, traders said.
The traders said banks obtained last week the funds they needed to meet the central bank's reserve requirements. The period ends on Monday and another begins the following day.
"There are just two sessions left until the end of the reserve rate period. Banks squared their positions last week and aren't looking for funds today," one of the traders said.
Six out of nine banks contacted by Reuters traded overnight money at rates of between 7-1/2 and 11-1/2 percent, versus a range of between 10-3/4 and 12-1/2 percent on Thursday.
Two banks dealt one-week money between 10 and 10-3/4 percent compared to between 11 and 12-1/2 percent in the previous session.
The overnight CAIBOR rate rose to 11.2024 from 11.1310 percent on Thursday. One-week CAIBOR rose to 11.7381 percent from Thursday's 11.7262.
On the official foreign exchange market, the pound last traded at 6.19 to the dollar in banks and exchange houses, slightly stronger than Thursday's weighted average of 6.21 pounds.
Two market sources said the dollar could buy between 6.26 and 6.30 pounds on the black market, around recently heard levels.
Comments
Comments are closed.