The median overnight interbank rate on the Egyptian pound stayed at 14 percent on Sunday, unchanged from Thursday with traders saying there were no new auctions or maturities to change the level of funds in the market.
The traders also said there was little demand for Egyptian pounds in the middle of a two-week central bank period for calculating banks' reserves.
The latest period for reserve requirements began on Tuesday.
Six out of 10 banks contacted by Reuters dealt in overnight money at between 13 and 15 percent, compared to a range of between 12-1/2 and 14-1/2 percent on Thursday.
Three banks dealt in one-week money at between 14-1/2 and 15-1/2 percent, versus a range of between 14-1/4 and 14-1/2 percent in the previous session.
The overnight CAIBOR rate dipped to 10.9662 percent from 11.0111 percent on Thursday. The one-week CAIBOR fell to 11.4464 percent from 11.4941 percent in the previous session.
In the official foreign exchange market, the pound was last quoted at a mid-rate of 6.23 in banks and 6.24 in exchange houses, roughly around Thursday's weighted average of 6.24 pounds.
Two market sources said the dollar was trading at between 6.28 and 6.30 pounds on the black market, broadly around recently heard levels.
Comments
Comments are closed.