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Egypt's central bank accepts LE1.2 billion in government securities sales Latest wave of short-term debt sales carry a fixed rate of 9.25 per cent and forms part of central bank's plan to keep interest rates from rising
Egypt's central bank accepted LE1.187 billion (US$199.4 million) in seven-day repurchase agreements in the money market (CBES) on Tuesday, the same amount it had offered. The repos carry a fixed rate of 9.25 per cent. The central bank introduced its weekly repo offerings on 20 March to keep short-term interest rates from rising after the political and economic unrest that ousted president Mubarak on 11 February.\ Repos are classified as a money-market instrument and are usually used to raise short-term capital.
