Egypt: CBE withdraws $9.6bln surplus liquidity this week

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The Central Bank of Egypt (CBE) has withdrawn EGP 460.8 billion of surplus liquidity at banks during the weekly auction that took place on April 23rd, with a return of 27.75%, according to Asharq Business.

This marks the first fixed-rate main operation auction under the newly applied system.

The central bank accepted all the bids submitted by 31 banks.

On April 22nd, the CBE bank announced an amendment to its main operation, according to which the main operation will be carried out through a fixed-rate operation with full allotment at the mid-corridor rate as of April 23rd.

Results of each operation will be published on the CBE’s website.

The CBE will continue managing liquidity to achieve a balance aligned with its operational objective of maintaining the weighted average overnight interbank rate regarding the rate of the main operation, which is the mid-corridor rate.