For the eleventh time in less than three months, the Central Bank of Egypt kept taking money out of the banks via the system of deposits linked to a fixed return.
The Central Bank announced that it offered the bid of the deposits linked to a fixed return of 75 billion pounds, and during the tender, a offer from 19 banks received a total value of 240 billion pounds.
The Central Bank stated that it was content to accept the volume of requests totaling 75 billion pounds that were made in the offering alone, with a return of 13. 75%.
The Central Bank used the mechanism of deposits attached to a fixed return when Hassan Abdullah, who is in charge of the Central Bank Governor, continued, considering that it is an alternative tool for raising interest to control inflation rates..
The central bank urgently removes 75 billion pounds of liquidity from the banking industry.
About Author
