CAIRO - Egypt's central bank said it will accept repurchase agreements in multiples of 1 million Egyptian pounds ($168,500) in a new system it is launching on Tuesday. It said banks will be able to submit bids for the repos from 8:00 a.m. (2 a.m. EST) to 11:00 a.m. (5 a.m. EST) on Tuesday. The central bank said on March 10 it was introducing the weekly seven-day repo agreements to keep short-term interest rates under control after the political and economic turmoil of the last two months. The repos would be offered at an interest rate of 9.25 per cent, it said at the time. Repos are a way for central banks to lend funds into the market in exchange for temporary custody of securities.
