Central bank accepts repos worth 22bn Eg pounds

CAIRO: Egypt central bank accepted 22 billion Egyptian pounds ($3.65 billion) in seven-day repurchase agreements in the money market on Tuesday, the same amount it had offered.

Banks had sought repo agreements worth 24.376 billion pounds from the central bank. The repos carry a fixed rate of 9.75 percent.

The central bank introduced its weekly repo offerings on March 20 to manage short-term interest rates after the political and economic unrest