Egypt Central Bank to offer 7bn EG pounds in repos

CAIRO: Egypt's central bank said it will ask for 7 billion Egyptian pounds ($1.17 billion) in seven-day repurchase agreements in the money market on Tuesday at a fixed rate of 9.25 percent.

The central bank introduced the weekly repo agreements in March to keep short-term interest rates under control after a popular uprising ousted President Hosni Mubarak.

Last week it asked for repos worth 3 billion pounds and accepted 650 million, the whole amount that was offered.