Cairo – Mubasher: The Central Bank of Egypt (CBE) raised EGP 130 billion with a 12.25% interest rate through Tuesday’s fixed-term deposit auction, according to the bank’s online data.
Around 31 banks submitted their bids worth EGP 135.41 billion and the allotment rate was set at 96%, the bank indicated.
Fixed deposits’ mechanism helps reduce money supply in the local market on one hand and inflation on the other so as to absorb liquidity surplus in local market lenders.
