Cairo – Mubasher: The Central Bank of Egypt (CBE) raised EGP 160 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 173 billion and the allotment rate was set at 92.48%, 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.
