CAIRO - 12 November 2024: The Central Bank of Egypt (CBE) withdrew LE 1.369 trillion in an open market operation on Tuesday, drawing from 25 banks.
This follows its recent decision to adjust its policy for accepting bids, offering a rate of 27.7 percent. This marks a notable increase compared to last week's withdrawal of LE 992.450 billion.
In an effort to improve liquidity management and align with international best practices, the central bank had earlier revised the process for its main deposit operation.
Starting April 2024, the bank shifted from a fixed-rate tender with selective bid allocation to a full allotment approach.
This new system ensures all submitted bids are accepted, aiming for a more efficient transmission of monetary policy and better liquidity control within Egypt’s banking sector.
The central bank emphasized that these measures are part of its ongoing strategy to stabilize liquidity, with the goal of maintaining the overnight interbank rate in alignment with the corridor rate set by the bank’s main operation.
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