Business & Finance
Egypt central bank accepts repos worth 650mn Egyptian pounds
CAIRO : Egypt 's central bank accepted 650 million Egyptian pounds ($108.9 million) in seven-day repurchase agreements
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CAIRO: Egypt's central bank accepted 650 million Egyptian pounds ($108.9 million) in seven-day repurchase agreements in the money market (CBES) on Tuesday, the whole amount that was offered.
The bank had asked for 3 billion pounds. The repos carry a fixed rate of 9.25 percent.
The central bank introduced its weekly repo offerings on March 20 to keep short-term interest rates under control after the political and economic unrest that ousted President Hosni Mubarak on February 11.
Copyright Reuters, 2011
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