CAIRO: The median overnight interbank rate on Egypt s pound was unchanged at 8.752 on Monday, with banks squaring their positions at the end of a two-week central bank reserve ratio period, dealers said. The market is extremely liquid because it s the last day of the reserve period, one dealer said. Rates are typically lower at the end of the two-week period for calculating bank reserves. Liquidity remained high due to the absence of central bank auctions for certificates of deposit that typically have higher yields than those available on the interbank market. Rates have been hovering just above the 8.75 percent lower limit of the central bank overnight interest rate corridor for over a month. Four out of nine banks contacted by Reuters reported dealing overnight at rates between 8.75 and 8.755 percent, compared with a single overnight deal on Sunday at a rate of 8.752 percent. One bank reported dealing in three-day money at 8.76 percent and another reported a one-week deal at 8.76 percent. By 1 pm, the Egyptian pound had strengthened to 5.6866 against the dollar compared with Sunday s closing weighted average of 5.6932.
