Egypt interbank rate stable

26 Jan, 2004

The median overnight interbank rate on Egypt's pound on Sunday remained at 5-1/2 percent from the previous session as dealers said the effects of a central bank deposit auction was balanced by maturing funds.
Traders said they were waiting for the results of the 2.5-billion Egyptian pound ($405 million) central bank 28-day deposit auction, but that about 2.9 billion pounds of deposits was maturing on Sunday to replace it.
Six of nine banks had dealt overnight money at rates between five and 6-1/2 percent, unchanged from Thursday.
Two banks dealt one-week money at between 6-1/4 and 6-3/4 percent, versus 6-1/2 to seven percent in the previous session.
The overnight CAIBOR rate fell to 6.2143 from 6.3333 percent on Thursday. The one-week CAIBOR dropped to 6.7024 from 6.7381 the previous session.
On the foreign exchange market the pound was last quoted at a mid-rate of 6.17 to the dollar in banks and foreign exchange bureaux, unchanged from Thursday's weighted average.
Two market sources said the dollar would buy between 6.95 and seven pounds on the black market, around recent levels.

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