Egypt central bank to ask for 11bn Eg-pounds in repos

CAIRO: Egypt central bank said it would ask for 11 billion Egyptian pounds ($1.83 billion) in seven-day repurchase agreements in the money market on Tuesday at a fixed rate of 9.75 percent.

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

Last week the bank asked for 18 billion pounds but accepted 16.797 billion pounds, the entire amount that was offered.