Egypt interbank rate unchanged

05 Apr, 2004

The median overnight rate on Egypt's pound was unchanged at 8-1/8 percent on Sunday, the same level as the previous two sessions, as banks awaited results of the latest central bank deposit auction, traders said.
The central bank said it was offering 28-day deposits worth 3.5 billion Egyptian pounds ($565 billion), while deposits worth about 3.4 billion pounds mature on Sunday, resulting in little impact on market liquidity.
Only three of eleven banks contacted by Reuters had dealt overnight at rates ranging from eight to 8-1/2 percent, compared to seven to nine percent on Thursday.
Three banks traded for one week at rates between 8-1/2 and 9-1/4 percent, compared to Thursday's 7-1/2 to 9-1/2 percent.
Overnight CAIBOR dipped to 8.0936 percent from 8.1275 percent on Thursday. One-week CAIBOR edged up to 8.4286 percent from Thursday's 8.3810 percent.
On the foreign exchange market, the pound was last quoted at 6.19 to the dollar at both banks and exchange houses, the same level as Thursday's weighted average.
Market sources quoted black market rates for the dollar at 6.55 to 6.70, roughly around recent rates heard.

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