The Central Bank of Egypt (CBE) withdrew EGP 1.135 trillion in liquidity from 26 banks in its latest open market operation at an interest rate of 27.75%.
This follows last week’s withdrawal of EGP 792.050 billion through a similar operation, also involving 26 banks.
The CBE recently implemented new regulations governing its main deposit operations (Main Operation) under the open market framework.
The weekly fixed-rate tender now utilizes a "full allotment" approach, where all bids submitted by banks are accepted proportionally based on their share of the total bids, applying the set interest rate.
The policy shift, effective from April 23, 2024, aims to enhance the efficiency of monetary policy decisions and align with international best practices in managing excess liquidity in the banking system.
The results of each operation are now published on the CBE’s official website to ensure transparency.
This move underscores the CBE’s ongoing efforts to refine its monetary tools and strengthen the impact of its policy measures on the broader economy.