Egypt central bank to ask for 14bn Egyptian pounds in repos

CAIRO: Egypt's central bank said it would ask for 14 billion Egyptian pounds ($2.32 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 last year to help it manage short-term interest rates after a popular uprising ousted President Hosni Mubarak.

Last week the bank asked for 22 billion pounds and accepted the same amount.