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.
On its official website, the Central Bank disclosed that it had accepted all offers from 31 banks, with an average interest rate of 27.75%.
The CBE has recently implemented new instructions, bringing changes to the rules regulating the main process of linking deposits (Main Operation) for open market operations. This was done through the introduction of a fixed-rate auction (fixed-rate tender) held weekly, with the size of the operation 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 primary transaction is applied.
