The Central Bank of Egypt announced the withdrawal of liquidity amounting to 792.050 billion pounds in the open market tender today, Tuesday, November 19, from 26 banks at an interest rate of 27.75%.
On April 23, the Central Bank decided to change the method of accepting bids for its main deposit linking operation (Main Operation) from the allocation method to the method of accepting all submitted bids (Full Allotment).
The allocation method for accepting bids was determined based on the ratio of the bid submitted by the bank to the total bids submitted, and the price of the main transaction was applied to it.
The Central Bank added that changing the method of accepting bids comes in light of its keenness to follow the best international practices with regard to managing surplus liquidity in the banking system and improving the impact of monetary policy decisions.
The Central Bank confirmed that it will continue its management of liquidity in a way that achieves balance to ensure its consistency with its operational goal, which is to maintain the weighted average return rate for one night in the interbank market around the transaction price, which is the main one, which is the average corridor price.
