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The median overnight rate on Egypt's pound was unchanged at 7 percent on Sunday as traders said they were awaiting the result of a central bank bond auction that would drain some cash from the market.
The central bank offered 1.5 billion Egyptian pounds ($242 million) of 182-day T-bills with results of the auction due on Monday. Cash will return to the market, however, with just over 1.8 billion pounds of 91-day T-bills maturing on August 10.
The central bank also offered reverse repo auctions of 91-day T-bills for one billion pounds on Sunday. The average interest rate on the last 182-day T-bill auction issued on August 3 was 11.835 percent.
Four of 11 banks contacted had dealt for overnight at rates ranging from 5 to 8 percent on Sunday, compared to 2 to 8 percent on Thursday. Three banks dealt for one-week at 7-1/2 to 8-3/4 percent versus 7-1/2 percent to 9-1/2 percent on Thursday.
The overnight CAIBOR rate fell to 10.1310 percent from 10.5357 percent on Thursday, while the one-week CAIBOR dropped to 10.6310 percent from 11.0476 in the previous session.
On the official foreign exchange market, the pound last traded at a midrate of 6.22 against the dollar in banks and 6.21 in foreign exchange bureaux, slightly stronger than Thursday's closing weighted average of 6.20.
Three market sources said the dollar would buy between 6.25 and 6.27 pounds on the black market, around recent levels.

Copyright Reuters, 2004

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