The Central Bank of Egypt (CBE) announced the sale of fixed-return deposits worth EGP 872.550 billion through the 7-day open market mechanism.
The Central Bank revealed on its official website that it had accepted all offers submitted by 31 banks, with an average interest rate of 27.75%.
The CBE had previously issued new instructions regarding the rules regulating the main process of linking deposits (Main Operation) for open market operations, which it was conducting by holding a fixed-rate auction (fixed-rate tender) on a weekly basis, where the size of the operation that it would conduct was announced.
Bids are accepted using the allocation method, which is determined based on the ratio of the bid submitted by the bank to the total bids submitted, to which the price of the main transaction is applied.
Follow the latest news on Google News
