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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

CBE Withdraws EGP 1.073 Trillion from Banks' Surplus Liquidity


Tue 25 Jun 2024 | 08:53 PM
The Central Bank of Egypt (CBE) headquarters, Cairo, Egypt. File Photo
The Central Bank of Egypt (CBE) headquarters, Cairo, Egypt. File Photo
Taarek Refaat

The Central Bank of Egypt (CBE) withdrew EGP 1.073 trillion from the surplus liquidity of banks operating in Egypt in its first bid after the Eid al-Adha holiday through the tied deposit mechanism.

Up to 32 banks submitted bids during the last auction at a fixed return rate of 27.75%, with a total value of EGP 1.073 trillion.

The Central Bank of Egypt is scheduled to reserve the liquidity withdrawn today under a fixed interest rate of 27.75% for a period of 7 days until the maturity date on next July 2.

The banking sector is awaiting the Central Bank's decision at the Monetary Policy Committee meeting on July 18 to decide the interest rate after it kept it at its last meeting at 27.25% for deposits and 28.25% for lending.

A report by Goldman Sachs, on June 12, expected the central bank to keep interest rates at their current levels until the end of the year.