Egypt's central bank accepts LE1.2 billion in government securities sales

Reuters, Tuesday 2 Aug 2011

Latest wave of short-term debt sales carry a fixed rate of 9.25 per cent and forms part of central bank's plan to keep interest rates from rising

Egypt's central bank accepted LE1.187 billion (US$199.4 million) in seven-day repurchase agreements in the money market (CBES) on Tuesday, the same amount it had offered.

The repos carry a fixed rate of 9.25 per cent.

The central bank introduced its weekly repo offerings on 20 March to keep short-term interest rates from rising after the political and economic unrest that ousted president Mubarak on 11 February.\

Repos are classified as a money-market instrument and are usually used to raise short-term capital.

Short link: