CAIRO: The median overnight interbank rate on the Egyptian pound was broadly unchanged on Sunday at 8.65 percent compared to 8.631 percent on Thursday with no new factors affecting liquidity, traders said. Demand was also quiet in the middle of a two-week central bank period to calculate banks reserves, the traders added. The market is short, as it was in the previous sessions. There has been nothing to add liquidity into the market, one of the traders said. There is no great rush for funds because we still have a week to meet the reserve requirements, another trader said. Four out of nine banks contacted by Reuters had dealt overnight at rates of between 8.5 and 8.7 percent, compared to a range of between 8.5 and 8.65 percent on Thursday. The central bank effectively controls overnight rates by offering 8.25 percent on overnight deposits and lending at 10.25 percent. Two banks dealt one-week money at rates of 8.7 and 8.8 percent. One of the banks contacted on Thursday dealt one-week money at 8.65 percent. The pound had weakened slightly by 11:00 GMT to LE 5.7340 to the dollar from Thursday s general weighted average of LE 5.7335. Reuters
