Egypt central bank to ask for LE14 billion in short-term debt

Reuters, Tuesday 3 Jan 2012

New wave of seven-day repurchase agreements will be at fixed rate of 9.75 per cent

Egypt's central bank said it would ask for 14 billion Egyptian pounds in seven-day repurchase agreements in the money market on Tuesday at a fixed rate of 9.75 per cent.

The central bank introduced the weekly repo agreements in March last year to help it manage short-term interest rates after a popular uprising ousted President Hosni Mubarak.

Last week the bank asked for LE22 billion and accepted the same amount.

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