CBE accepts deposits of EGP75 bn, Interest rate of 16.75%, from 18 banks

 The Central Bank of Egypt revealed, today, that it accepted EGP75 bn from 18 banks, as deposits from surplus liquidity in local banks, at an interest rate of 16.75%.

This came as part of linked deposits mechanism to control Money supply, to keep inflation rates within acceptable limits.

The report revealed huge liquidity surplus in local currency, as 18 banks submitted a request to link deposits reached EGP 229.5 bn, of which CBE approved only EGP75 bn.

With an allocation rate of 32.67%, the linked deposit mechanism is one of open market operations in order to control inflation rates.

 Monetary Policy Committee of CBE, in its last meeting, February 2, 2023, decided to fix Overnight deposit and lending rates and the main operation rate.